Question 710551: To what amount will $5,200 invested for 9 years at 9% compounded annually accumulate?
Answer by lwsshak3(11628)   (Show Source):
You can put this solution on YOUR website! To what amount will $5,200 invested for 9 years at 9% compounded annually accumulate?
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Compound interest formula: A=P(1+i)^n, P=initial investment, i=interest rate per period, n=number of periods, A=amount after n periods.
For given problem:
P=5200
i=9%
n=9
A=5200(1+.09)^9
A=5200(1.09)^9
A=$11,293.85
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