9000 dollars is placed in an account with an annual interest rate of 8%. How much will be in the account after 17 years, to the nearest cent?

To calculate how much will be in the account after 17 years, we can use the formula for compound interest:

\[
A = P(1 + \frac{r}{n})^{nt}
\]

Where:
- $A$ is the amount in the account after time $t$.
- $P$ is the principal amount (initial investment), which is $9000.
- $r$ is the annual interest rate (8%, or 0.08 as a decimal).
- $n$ is the number of times the interest is compounded per year.
- $t$ is the number of years the money is invested or borrowed for (17 years in this case).

If we assume the interest is compounded annually ($n = 1$), the formula simplifies to:

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

Substituting the values into the formula:

\[
A = 9000(1 + 0.08)^{17}
\]

Now let's calculate this.The amount in the account after 17 years will be approximately $33,300.16, to the nearest cent.

Would you like further details or have any questions? Here are some related questions for further exploration:

1. How would the final amount change if the interest was compounded quarterly instead of annually?
2. What if the interest rate was 6% instead of 8%?
3. How much interest would be earned after 17 years?
4. How long would it take for the investment to double at 8% interest?
5. How would the final amount change if $9000 was added to the account annually?

**Tip:** Always check if the interest is compounded annually, quarterly, or monthly to avoid errors in calculations!

Learn how to calculate the compound interest for an investment of $9000 at an annual interest rate of 8% over 17 years. Using the compound interest formula A = P(1 + r)^t, the final amount will be approximately $33,300.16. Ideal for students in Grades 9-12.

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