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4,400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the amount after 22 years to the nearest cost? How do I solve this, with steps p…

4,400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the amount after 22 years to the nearest cost? How do I solve this, with steps p…
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4,400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the amount after 22 years to the nearest cost?

How do I solve this, with steps please? :)

User Tanique
by
8.6k points

1 Answer

4 votes
$12,386 is the answer:

8.25% times 22 years = 181.5% overall increase
$4,400 plus 181.5% = $12,386
User DennisVDB
by
8.8k points
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