Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Get detailed answers to your questions from a community of experts dedicated to providing accurate information. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
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
#SPJ4
We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.
