Question

Someone please answer and explain!!!

Answer 1

Total amount in the account after 5 years 

$= 9000(1 + 0.047)^5$

$= \ 11323.38$

Answer: $11323.38 (Answer B)

Answer 2

Hi there! The answer is B. $ 11,323.38

To find our answer we need to fill in the formula with the given data:

t = 5
P (the initial value) = $9000
I = 4.7% / 100 = 0.047 (since we have to change the percentage into a multiplier).

Now just fill in:
$a(5) = 9000 \times (1.047 ){}^{5} = 11323.375...$
Rounded, our answer is B. $11,323.38