5500 dollars is placed in an account with an annual interest rate of 5.25%. to the nearest year, how long…

Explanation:

Step1: Identify the compound - interest formula

For simple - interest (assuming simple interest here as no compounding frequency is given), the formula is $A = P(1+rt)$, where $A$ is the final amount, $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. We know that $P = 5500$, $r=0.0525$ (since $5.25%= 0.0525$), and $A = 11100$. Substitute these values into the formula: $11100=5500(1 + 0.0525t)$.

Step2: Solve for $t$

First, divide both sides of the equation by $5500$: $\frac{11100}{5500}=1 + 0.0525t$. $2.01818\approx1 + 0.0525t$. Then, subtract $1$ from both sides: $2.01818−1=0.0525t$. $1.01818 = 0.0525t$. Finally, divide both sides by $0.0525$ to solve for $t$: $t=\frac{1.01818}{0.0525}\approx19.4$.

Answer:

$19$