Question

9000 dollars Is places in an account with an annual interest rate of 7.75%. How much will be in the account after 18 years, to the nearest cent?

Answer 1

Answer: $21555

Explanation:

First, we need to know the interest generated on the money saved. This will be:

= Principal × Rate × Time

= $9000 × 7.75% × 18

= $12555

The amount in the account after 18 years will then be:

= Principal + Interest

= $9000 + $12555

= $21555