Answer: $100,879.39
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 18000
r = 9% = 9/100 = 0.09
n = 1 because it was compounded once in a year.
t = 20 years
Therefore,
A = 18000(1+0.09/1)^1 × 20
A = 18000(1.09)^20
A = $100,879.39
