Question

you deposit $3,300 in account with an annual interest of 3.3% for 20 years. what is the amount of money you'll have at the end of the 20 years?

Answer 1

Given data:

The given principal is P=$3,300.

The given rate of interest is r=3.3%.

The given time is t=20 years.

The expression for the final amount of money is,

$A=P+\frac{P\times r\times t}{100}$

Substitute the given values in the above expression.

$\begin{gathered} A=(3,300)+\frac{3,300\times3.3\times20}{100} \\ =3,300+2,178 \\ =5,478 \end{gathered}$

Thus, the final amount after 20 years is 5,478.