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

Question

05-09-2021
Mathematics

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

Sagot :

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Ayhb0058idn Ayhb0058idn · Answer 1 · 2021-09-06T21:48:09-04:00

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.

Sagot :

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