Question 4
1 pt $51 \rightleftarrows 98$
Details
Find the final amount of money in an account if $\$ 6,700$ is deposited at $5.5 \%$ interest compounded annually and the money is left for 9 years.

The final amount is $\$$ Round answer to 2 decimal places
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Step 1 ：The problem is asking for the final amount of money in an account after a certain amount is deposited with a certain interest rate compounded annually for a certain number of years. This is a compound interest problem.

Step 2 ：The formula for compound interest is \(A = P(1 + r/n)^{nt}\), where \(A\) is the amount of money accumulated after \(n\) years, including interest. \(P\) is the principal amount (the initial amount of money), \(r\) is the annual interest rate (in decimal), \(n\) is the number of times that interest is compounded per year, and \(t\) is the time the money is invested for in years.

Step 3 ：In this case, \(P = \$6700\), \(r = 5.5\% = 0.055\), \(n = 1\) (since it's compounded annually), and \(t = 9\) years. We can plug these values into the formula to find the final amount.

Step 4 ：Substituting the given values into the formula, we get \(A = 6700(1 + 0.055/1)^{1*9}\)

Step 5 ：Solving the equation, we find that \(A = \$10847.93\)

Step 6 ：Final Answer: The final amount of money in the account is \(\boxed{\$10847.93}\)