Question

4,400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the amount after 22 years to the nearest cost?

How do I solve this, with steps please? :)

Answer 1

$12,386 is the answer:

8.25% times 22 years = 181.5% overall increase
$4,400 plus 181.5% = $12,386