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?

After 24 years, there is going to be $19564 in the acount.

Step-by-step explanation:

This is a simple interest problem.

The simple interest formula is given by:

In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.

After t years, the total amount of money is:

.

In this problem, we have that:

. So:

The total amount will be

After 24 years, there is going to be $19564 in the acount.

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