Home > AC > Chapter 14 > Lesson 14.3.1.3 > Problem3-41

3-41.

Dusty won $125{,}000$ on the Who Wants to be a Zillionaire? game show. He decides to place the money into an account that earns $6.25\%$ interest compounded annually and plans not to use any of it until he retires.

1. Write an expression that represents how much money Dusty will have in $t$ years.

Review the Math Notes box in this lesson.

What is the multiplier you will use in the expression?

2. How much money will be in the account when he retires in $23$ years?

$504{,}052.30$ will be in the account.