Question

Find the total amount in the compound interest account.

Answer 1

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.