7900 dollars is placed in an account with an annual interest rate of 5.5%. How much will be in the account after 11 years, to the nearest cent.

Answer: The amount that will be in the account after 11 years is $12679.5

Step-by-step explanation:

We would apply the formula for determining simple interest which is expressed as

I = PRT/100

Where

I represents interest paid on the amount invested.

P represents the principal or amount invested.

R represents interest rate

T represents the duration of the investment.

From the information given,

P = 7900

R = 5.5%

T = 11 years

I = (7900 * 5.5 * 11) / 100 = $4779.5

The amount that will be in the account after 11 years is

7900 + 4779.5 = $12679.5