7900 dollars is placed in an account with an annual interest rate of 5.5%. How much will be in the account after 11 years, to the nearest cent.

The amount that will be in the account after 11 years is $12679.5

Step-by-step explanation:

We would apply the formula for determining simple interest which is expressed as

I = PRT/100

Where

I represents interest paid on the amount invested.

P represents the principal or amount invested.

R represents interest rate

T represents the duration of the investment.

From the information given,

P = 7900

R = 5.5%

T = 11 years

I = (7900 × 5.5 × 11)/100 = $4779.5

The amount that will be in the account after 11 years is

7900 + 4779.5 = $12679.5

Based on the amount invested and the interest rate, the amount that will be i the account after 11 years will be $14,236.53.

This relates to the future value of the amount and the formula for that is:

= Amount x ( 1 + rate) ^ Number of years

Solving will give:

= 7,900 x (1 + 5.5%)¹¹

= 7,900 x 1.8020924

= $14,236.53

In conclusion, the account will have $14,236.53

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