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26 October, 16:55

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

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  1. 26 October, 20:33
    0
    =$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
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