Answer:
$172,806.37.
Step-by-step explanation:
Total = [ P(1+r/n)^(nt) ] + [ PMT × (((1 + r/n)^(nt) - 1) / (r/n)) ] * (1 + r/n)
is the formula for the amount left after the first 7 years where the money is deposited at the beginning of each month and P = initial amount, PMT = monthly payment, r = rate as a decimal and t = time in years.
Total after the first 7 years
= [ 200(1+0.09/12)^(7*12) ] + [ 200 × (((1 + 009/12)^(7*12) - 1) / (0/09/12) ] * (1 + 0.09/12)
= 374.64 + (200 * 0.8732019633) / (0.09/12) * (1 + 0.09/12)
= 374.64 + 23485.386 * 1.0075
= $24.036.17
Total after a further 22 years:-
= 24.036.17(1 + 0.09/12)^(12*22)
= $172,806.37 (answer).
