There will be $14927 after 29 years
Step-by-step explanation:
Given
Principal amount = P = $4400
Rate = r = 8.25%
Time = 29 years
The formula for amount after t number of years and r percent of rate is:
[tex]A = P(1+rt)[/tex]
Putting the values
[tex]A = 4400(1+ (0.0825)(29))\\= 4400( 1 + 2.3925)\\=4400(3.3925)\\=14927[/tex]
Hence,
There will be $14927 after 29 years
Keywords: Interest, rate
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