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Dr. Williams deposited $1,000 into a retirement account when he was 18 years old. How much will Dr. Williams have in his account after 50 years at an interest rate of 7.5?

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sqdancefan

Answer:

  $37,189.75

Step-by-step explanation:

Each year, the account value is multiplied by 1+7.5% = 1.075. So, at the end of 50 years, the account value will be ...

  $1000×1.075^50 ≈ $37,189.75

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