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Sagot :
Option $842.13
Step-by-step explanation:
we know that ,
The compound interest formula is equal to
A= P[tex](1+\frac{r}{n} )^{nt}[/tex]
where ,
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have ,
t = 14 years
P = $240
r = 0.09
n= 12
substitute in the formula above ,
A= $240 [tex]( 1+\frac{0.09}{12} )^{12 * 14}[/tex] = $842.13
Compound interest :
Compound interest (also known as compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
The rate at which compound interest accrues depends on the frequency of compounding. The higher the number of compounding periods, the greater the compound interest
Learn more about compound interest :
brainly.com/question/3353921
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