Question 1101732
<br>
annual interest rate: 3% = .03
monthly interest rate: .03/12 = .0025
monthly growth factor: 1+.0025 = 1.0025  (the amount grows by a factor of 1.0025 each month)<br>
Value of $9000 after 21 years (252 months): {{{9000(1.0025)^252 = 16885.22}}}