67000 dollars is placed in an account with an annual interest rate of 8.25%. how much will be in the account after 28 years, to the nearest cent?

The Amount of money in the account after 28 years is $616,674.5

Step-by-step explanation:

Given as :

The principal amount placed in the account = p = $67,000

The rate of interest = r = 8.25%

The time period of amount in the account = t = 28

Let the Amount of money in the account = $A

Now, From Compound Interest method

Amount = Principal ×

A = p ×

Or, A = $67,000 ×

Or, A = $67,000 ×

Or, A = $67,000 × 9.2041

∴ A = $616,674.7

So, The Amount of money in the account = A = $616,674.5

Hence, The Amount of money in the account after 28 years is $616,674.5  Answer