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Johnny received $2,500 as gifts for his high school graduation. He is going to deposit the money into his savings account which earns 2.6% interest. Determine the total amount of money Johnny will have after 9 years.

A=P(1+R)^T

Sagot :

abiolataiwo2015

The total amount of money Johnny will have after 9 years is $3,149.68.

Total amount of money

Using this formula

Amount=Principal (1+Interest rate)^Time

Let plug in the formula

Amount=$2,500(1+0.026)^9

Amount=$2,500(1.026)^9

Amount=$3,149.68

Inconclusion the total amount of money Johnny will have after 9 years is $3,149.68.

Learn more about simple interest here:https://brainly.com/question/25793394

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