Answer:
Future Value = $2,516,900 cent
Step-by-step explanation:
Here, we're to calculate future values;
Given the following parameters
Investment = $4,400
Interest Rate = 8.25%
Time = 22 years
Amount = ?
Future Value is calculated using the following formula;.
Future Value = Investment * (1 + Interest Rate)^time
Substitute each value;
Future Value = $4,400 * ( 1 + 8.25%)^22
Future Value = $4,400 * (1 + 0.0825)^22
Future Value = $25169.036295801178201749433678664198539199704088854443412123828238691203296184539794921875
Future Value = $25169 --- Approximated
Convert to Cent
Future value = $25,169 * 100 cent/$
Future Value = $2,516,900 cent
Hence, $2,516,900 cent will be in the account after 22 years
