Staci is attending a music festival. The ticket to the festival costs $87.96. Staci plans to purchase $30.00 t-shirts from the e
1 answer:
You might be interested in
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