The amount after 17 years is $400
How to determine the amount after 17 years?
The given parameters are:
- Principal, P = $220
- Rate, r = 3.6%
- Time, t = 17 years
The interest rate is compounded annually;
So, the amount after t years is:
A = P *(1 + r)^t
This gives
A = 220 * (1 + 3.6%)^17
Evaluate
A = 401.36
To the nearest ten dollars, we have:
A = 400
Hence, the amount after 17 years is $400
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