3400 dollars is placed in an account with an annual interest rate of 7-5%. How much
will be in the account after 17 years, to the nearest cent?
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attematizantofel

$7,735

Step-by-step explanation:

Assuming simple interest, the following formula applies:

A = P (1 + rt)

where,

A = Final Amount (we are asked to find this)

P = Principal Amount (given as $3,400)

r = annual interest rate (given as 7.5% = 0.075)

t = time in years (given as 17 years)

Substitute these into the equation above:

A = P (1 + rt)

A = 3,400 [ 1 + (0.075)(17) ]

A = $7,735

75

step-by-step explanation: