3600 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent

assuming the interest is simple interest, as opposed to compound interest,

[tex]\bf ~~~~~~ \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$3600\\ r=rate\to 9\%\to \frac{9}{100}\to &0.09\\ t=years\to &25 \end{cases} \\\\\\ A=3600(1+0.09\cdot 25)\implies 3600(3.25)[/tex]

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shristiparmar1221 shristiparmar1221 · Answer 2 · 2021-12-11T16:16:26+01:00

This question is based on simple interest. Therefore, 11700 dollars would be in the account after 25 years, to the nearest percent.

Given:

3600 dollars is placed in an account with an annual interest rate of 9%.

We need to determined the how much will be in the account after 25 years, to the nearest percent.

Assume that, the interest is simple interest, as opposed to compound interest.

By using the formula of simple interest amount is,

A = P ( 1 + rt)

Where, A = accumulated amount,

P = original amount deposited,

r = rate,

t = time

Given that, A = 3600, r = 0.09, t = 25

Putting all the values in formula.

We get,

A = 3600( 1+ 0.09 (25) )

A = 3600( 3.25)

A = 11700

Therefore, 11700 dollars would be in the account after 25 years, to the nearest percent.

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