Mathematics

Ignacio

17 December, 13:12

The amount of money, A, accrued at the end of n years when a certain amount, P, is invested at a compound annual rate, r, is given by the equation A = P (1+r) n. When Joseph invests $500 in an account that pays 9% interest compounded annually, what is Joe's approximate balance after 7 years? Question 9 options: a) $258.38 b) $3815.00 c) $914.02 d) $932.54