What is the answer to the problem below?(attached in picture) Thanks in advance!
2 answers:
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Answer:
$311.20
Step-by-step explanation:
Here we are required to use the Compound interest formula for finding the Amount at the end of 9th year
The formula is given as
Where ,
A is the final amount
P is the initial amount = $200
r is the rate of interest = 5% annual = 0.05
n is the frequency of compounding in a year ( Here it is compounding monthly) = 12
t is the time period = 9
Now we substitute all these values in the formula and solve for A
Hence the amount after 9 years will be $311.20