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12 December, 01:52

If $580 is invested in an account which earns 9% interest compounded annually, what will be the balance of the account at the end of 9 years?

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  1. 12 December, 01:56
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    The formula for compounded interest is A = P (1+r/n) ^nt.

    P=580

    r =.09

    n = 1

    t = 9

    To find how much the balance is at the end of nine years, plug in all of the knows into the formula.

    A = 1259.698 is how much the balance will be. (Rounded to 1259.70 if you round to the nearest cent).
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