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Nezavi [6.7K]
2 years ago
8

Find the balance in the account. $700 principal earning 5%, compounded monthly, after 9 years

Mathematics
2 answers:
Harman [31]2 years ago
5 0
A=700×(1+0.05÷12)^(12×9)
A=1,096.79
vfiekz [6]2 years ago
3 0

Answer: The balance in the account after 9 years is $1085.93.

Step-by-step explanation:

Since we have given that

Principal amount = $700

Rate of interest = 5%

Number of years = 9

Since we have mentioned to use "Compound Interest " method:

As we know the formula for above i.e.

A=P(1+\frac{r}{100})^n\\\\A=700(1+\frac{5}{100})^9\\\\A=\$1085.93

Hence, the balance in the account after 9 years is $1085.93.

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