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3 years ago

Use the compound interest formula to compute the total amount accumulated and the interest eamed.

Mathematics

1 answer:

RideAnS [48]3 years ago

7 0

Answer:

$12,137.39

Step-by-step explanation:

Use the Compound Amount formula:

A = P (1 + r/n)^(nt), where r is the interest rate as a decimal fraction, n is the number of times the interest is compounded each year, and t is the number of years.

Here, A = $9000(1 + 0.075/12)^(12*4), or

= $9000(1.3486) = $12,137.39

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