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?
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?
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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?. How much will be in the account after 25 years, to the nearest cent? After 25 years, an investment of $3,600 at an annual interest rate of 9% compounded annually will grow to approximately $31,025.00.
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Detailed step by step solution for 3600 dollars is placed in an account with an annual interest rate of 9%. Use the formula for compound interest and get step by step solutions within seconds. Find out how much money will be in the account after 25 years with an annual interest rate of 9%.
Use The Compound Interest Formula To Calculate The Future Value Of The Investment:
$$a = p (1 + r)^n$$a = p (1+r)n, where $$a$$a is the amount after $$n years$$nyears, $$p$$p is the. 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?
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Detailed step by step solution for 3600 dollars is placed in an account with an annual interest rate of 9%. To find out how much money will be in the account after 25 years with an initial amount of p = 3600 and an annual interest rate of r = 0.09, we can use the formula for compound interest,. This is calculated using the compound interest.
Principal Amount, P = 3600 Dollars;
This calculation was done using. Use the formula for compound interest and get step by step solutions within seconds. Find out how much money will be in the account after 25 years with an annual interest rate of 9%.
Fv = 3600 * (1 + 0.09)^25.
After 25 years of investment at a 9% annual interest rate, the total amount in the account will be approximately $31,116.00. Substitute the values into the formula: After 25 years, an investment of $3,600 at an annual interest rate of 9% compounded annually will grow to approximately $31,025.00.
Annual Interest Rate, R = 9% = 0.09;
How much will be in the account after 25 years, to the nearest cent? Number of years, n = 25;