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?

Correct result:

x =  31043.0904 USD

Solution:

a=3600 USD q=9%=1+9100=1.09 t=25  x=a qt=3600 1.0925=31043.0904 USD=3.104104 USD



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