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? :)

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asked Sep 7, 2022 118k views

20 votes

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? :)

Mathematics
high-school

Tanique asked

by Tanique

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1 Answer

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$12,386 is the answer:

8.25% times 22 years = 181.5% overall increase
$4,400 plus 181.5% = $12,386

DennisVDB answered Sep 11, 2022

by DennisVDB

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