6700 dollars is placed in an account with an annual interest rate of 8%. How much will be in the account after 24 years, to the nearest cent
IF compounded annually 6700(1+ .08)24
If simple interest 6700 + 6700 (.08)* 24
Every year the account is increased by 1.08x
so
we start with $6700 x (1.08)^24
1.08^24 =/ 6.34
6700 x 6.34= 42485.91 dollars
