Answer:
The balance of account at the end of 36 years is $31,849.29
Step-by-step explanation:
We are given the following in the question:
P = $3,300
r = 6.5% = 0.065
t = 36 years
The compound interest is given by:
[tex]A = p\bigg(1+\dfrac{r}{n}\bigg)^{nt}[/tex]
where A is the amount, p is the principal, r is the interest rate, t is the time in years and n is the nature of compound interest.
Since interest is compounded annualy we use n = 1
[tex]A = 3300\bigg(1+\dfrac{0.065}{1}\bigg)^{36}\\\\A = \$31,849.29[/tex]
Thus, balance of account at the end of 36 years is $31,849.29
