Respuesta :
The final amount in the account after 25 years is $24670.42.
How do you calculate the final Amount after 25 Years?
Given that 3400 dollars are placed in an account with an annual interest rate of 8.25% for 25 years.
The final amount in the account is calculated by the formula given below.
[tex]A = P ( 1 + \dfrac {R}{100})^T[/tex]
Where A is the final amount, P is the initial principal balance, R is the interest rate, T is the time period.
The final amount is given below.
[tex]A = 3400 ( 1 + \dfrac {8.25}{100})^{25}[/tex]
[tex]A = 3400 (7.256005874)[/tex]
[tex]A = 24670.41997= 24570.42[/tex]
Hence we can conclude that the final amount in the account after 25 years is $24670.42.
To know more about the compound interest, follow the link given below.
https://brainly.com/question/25857212.
The total amount in the account after 25 years is $24670.42.
How do you calculate the final Amount after 25 Years?
Given that 3400 dollars are placed in an account with an annual interest rate of 8.25% for 25 years.
- The total amount is to be calculated with the help of the formula,[tex]A=P(1+\frac{R}{100})^{T}[/tex]
where A is the total final amount, P is the initial principal amount, R is the interest rate, T is the time period.
- Here, P = $ 3400
T= 25 years
R= 8.25
The total amount = $ [tex]3400(1+\frac{8.25}{100} )^{25}[/tex]
= $24670.42
You can find more details on: https://brainly.com/question/10405469
#SPJ2
