Compound interest 4

3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent?

Result

x =  31043.09 USD

Solution:

a=3600 USD q=9%=1+9100=1.09 t=25  x=a qt=3600 1.092531043.090431043.09 USDa=3600 \ \text{USD} \ \\ q=9 \%=1 + \dfrac{ 9 }{ 100 }=1.09 \ \\ t=25 \ \\ \ \\ x=a \cdot \ q^t=3600 \cdot \ 1.09^{25} \doteq 31043.0904 \doteq 31043.09 \ \text{USD}



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