Answer
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A = 33,300.16
↓Steps Explained:↓
How much is 9000 worth after 17 years
using an annual interest rate of 8%
compounded annually?
Calculate Accumulated Balance
A = B(1 + i)n
where A = accumulated balance
B = opening balance
i = Annually interest rate
and n = number of periods
Plugging in our values
A = 33,300.16
A = 9000(1.08)17
A = 9000(3.7000180548009)
How much interest was earned?
Interest Earned = Accum. Value - Start Balance
Plug in our values
Interest Earned = 33,300.16 - 0.00
Interest Earned = 33,300.16
33300.16
Final Answer
A = 33,300.16Take the Quiz Switch to Chat Mode
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