If $22,000 is deposited in a bank account at 2.75% interest, how much will be in the account after 9 years?

To determine the amount in the bank account after 9 years with a principal of $22,000 at an interest rate of 2.75%, it's important to clarify that the total amount in the account can be calculated using the formula for compound interest. The compound interest formula is:

[ A = P(1 + r)^n ]

where:

• ( A ) is the amount of money accumulated after n years, including interest.

• ( P ) is the principal amount (the initial deposit or investment).

• ( r ) is the annual interest rate (decimal).

• ( n ) is the number of years the money is invested or borrowed.

Plugging in the values:

• ( P = 22,000 )

• ( r = 0.0275 ) (which is 2.75% written as a decimal)

• ( n = 9 )

Now, calculate the accumulated amount:

[ A = 22,000 \times (1 + 0.0275)^9 ]

Calculating inside the parentheses first:

[ A = 22,000 \times (1.0275)^9 ]

Next, compute ( (1.0275)^9 ). This