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18-05-2020
Mathematics

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7800 dollars is placed in an account with an annual interest rate of 6.5%. How much will be in the account after 29 years, to the nearest cent?

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18-05-2020

Answer:

Year 29 $2,956.63 Total Interest $40,643.25 Balance $48,443.25

Step-by-step explanation:

Base amount: $7,800.00

Interest Rate: 6.5% (yearly)

Effective Annual Rate: 6.5%

Calculation period: 29 years

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