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*?

To find the future value of the investment, we'll use the formula for compound interest:

\[
A = P(1 + r)^n
\]

Where:
- $ A $ is the future value of the investment.
- $ P $ is the principal (initial investment), which is $6700.
- $ r $ is the annual interest rate (as a decimal), so 8% = 0.08.
- $ n $ is the number of years the money is invested, which is 24 years.

Plugging the values into the formula:

\[
A = 6700(1 + 0.08)^{24}
\]

Let's calculate this step-by-step.After 24 years, the amount in the account will be approximately **$42,485.91**.

Do you want more details or have any questions?

Here are 5 related questions to expand on this topic:
1. How would the final amount change if the interest was compounded monthly instead of annually?
2. What if the annual interest rate was 6% instead of 8%? How would that affect the future value?
3. How long would it take for the investment to double with an 8% annual interest rate?
4. What is the formula for continuously compounded interest, and how would it apply here?
5. How much interest will be earned after 24 years in this scenario?

**Tip:** When dealing with compound interest, the frequency of compounding can significantly impact the final amount.

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?

Find out how much $6700 grows in an account with an 8% annual interest rate after 24 years using the compound interest formula. This problem involves key financial math concepts like exponential growth and is suitable for high school students in Grades 9-12.

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