Question

4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 22 years, to the nearest cent?

Answer 1

$\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \ 4400\\ r=rate\to 8.25\%\to \frac{8.25}{100}\to &0.0825\\ t=years\to &22 \end{cases} \\\\\\ A=4400(1+0.0825\cdot 22)$

and surely you know how much that is.

Answer 2

The amount that will be in the account after 22 years is $12386.

Given,

4400 dollars is placed in an account with an annual interest rate of 8.25% for 22 years.

Therefore,

Principal = $4400

Rate = 8.25 %

Time = 22 years

The formula for finding the simple interest (I) is formulated below:

$\begin{aligned} I&=\dfrac{P \times r \times t}{100}\\&=\dfrac{4400 \times 8.25 \times 22}{100}\\&=44 \times 8.25 \times 22\\&=7986 \end{aligned}$

Therefore, the interest value is $7986 and the principal value is $4400. Amount in the account will be the addition of interest value and principal value.

Thus,

The amount that will be in the account after 22 years is $12386.

To know more about the interest, please refer to the link:

https://brainly.com/question/11339060