Answered

Westonci.ca is the premier destination for reliable answers to your questions, provided by a community of experts. Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Find the total amount in the compound interest account.
$9000 is compounded semiannually at a rate of 11% for 18 years.

Sagot :

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.

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.