Question

To what amount will ​$4 comma 900 invested for 9 years at 10 percent compounded annually​ accumulate?

Answer 1

Answer:

=$11,553.94

≅$11,554

Explanation:

A = P(1 + r/1)^t

Given that

P = $4,900

r = 10%

t = 9years

= 4900 * (1 + 0.1)^9

= 4900 * 1.1^9

= 4900 * 2.3579

= $11553.94

≅ $11554