Question 872568
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


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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 <font color="red">$36,769.18</font>