Answer:
$58,891.98
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 11/100
r = 0.11 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 9,000.00(1 + 0.11/1)(1)(18)
A = 9,000.00(1 + 0.11)(18)
A = $58,891.98
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $9,000.00 at a rate of 11% per year compounded 1 times per year over 18 years is $58,891.98.
