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