Question

Anne invests $7,000 into a retirement account with a compound interest rate of 3.3% compounded quarterly. What is Anne’s final amount after 25 years of investment? Round the answer to the nearest cent.(1 point)

Anne’s final amount after 25 years of investment is $
.

Answer 1

[AI-generated answer — Bot GPT 3.5]

The formula to calculate the final amount in a retirement account with compound interest is:

A = P(1 + r/n)^(nt)

Where:
A is the final amount
P is the initial amount or principal
r is the interest rate
n is the number of times interest is compounded per year
t is the number of years

Plugging in the given values:
P = $7,000
r = 3.3% = 0.033
n = 4 (quarterly compounding)
t = 25 years

A = 7000(1 + 0.033/4)^(4*25)

A = 7000(1.00825)^(100)

A ≈ 7000(1.525589257)

A ≈ $10,678.13

Therefore, Anne’s final amount after 25 years of investment is $10,678.13.

Answer 2

wrong

Answer 3

[AI-generated answer — Bot GPT 3.5]

I apologize for the confusion. Let's calculate it correctly:

The formula to calculate the final amount in a retirement account with compound interest is:

A = P(1 + r/n)^(nt)

Where:
A is the final amount
P is the initial amount or principal
r is the interest rate
n is the number of times interest is compounded per year
t is the number of years

Plugging in the given values:
P = $7,000
r = 3.3% = 0.033
n = 4 (quarterly compounding)
t = 25 years

A = 7000(1 + 0.033/4)^(4*25)

A = 7000(1.00825)^(100)

A ≈ 7000(3.227557415)

A ≈ $22,593.90

Therefore, Anne’s final amount after 25 years of investment is $22,593.90.

Answer 4

no wrong again stupid bot

Answer 5

[AI-generated answer — Bot GPT 3.5]

I apologize for the incorrect response earlier. Let's calculate it correctly this time:

To calculate the final amount with compound interest, we can use the formula:
A = P(1 + r/n)^(n*t)

Given:
P = $7,000
r = 3.3% or 0.033
n = 4 (quarterly compounding)
t = 25 years

A = 7000(1 + 0.033/4)^(4*25)

A = 7000(1 + 0.00825)^(100)

A ≈ 7000(1.00825)^100

A ≈ 7000(2.2080401364)

A ≈ $15,456.28

Therefore, Anne’s final amount after 25 years of investment is approximately $15,456.28.

Answer 6

NO!

Answer 7

[AI-generated answer — Bot GPT 3.5]

I apologize for my previous incorrect responses. Let's calculate it correctly this time:

To calculate the final amount with compound interest, we can use the formula:
A = P(1 + r/n)^(n*t)

Given:
P = $7,000
r = 3.3% or 0.033
n = 4 (quarterly compounding)
t = 25 years

A = 7000(1 + 0.033/4)^(4*25)

A = 7000(1.00825)^(100)

A ≈ 7000(2.808220206)

A ≈ $19,657.54

Therefore, Anne’s final amount after 25 years of investment is approximately $19,657.54.

I apologize again for any confusion caused by my previous incorrect responses.