SOLUTION: If i invest 20,000 in an account paying 7% compound annually what would be the balance after 9 years
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Question 872568: If i invest 20,000 in an account paying 7% compound annually what would be the balance after 9 years
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!
Use the formula
A = P*(1+r/n)^(n*t)
In this case,
P = 20000
r = 0.07 (7% = 7/100 = 0.07)
n = 1
t = 9
-----------------------------
A = P*(1+r/n)^(n*t)
A = 20000*(1+0.07/1)^(1*9)
A = 20000*(1+0.07)^(9)
A = 20000*(1.07)^(9)
A = 20000*(1.83845921242016)
A = 36,769.1842484031
A = 36,769.18
The balance after 9 years is $36,769.18
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