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Sagot :
To calculate the total amount accrued when you deposit the money in an account that earns compound interest you have to use the following formula
[tex]A=P(1+\frac{r}{n})^{tn}[/tex]A: amount accrued
P: principal amount
t: time, years
r: interest rate, expresed as a decimal value
n: number of coumpound periods
For this exericse
The principal amount is P=$1000
The time is t= 9 years
The interest rate is 9%/100=0.09
The compounding periods are 12/year (the interest is compounded monthly) so for the 9 year time period is 9*12=108
[tex]\begin{gathered} A=1000(1+\frac{0.09}{108})^{9\cdot108} \\ A=2247.15 \end{gathered}[/tex]
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