For compound interest, use the formula

A(t) = P(1+r/n)^{nt}

For this problem, P = 9000, n = 1 and r = 0.14.

A(1) = 9000(1+0.14/1)^{(1)(1)} = 90000(1.14) = 9900

A(2) = 9000(1+0.14)^{2} = 9000(1.2996) = 11696.40

Ella T.

asked • 02/21/21Find the amount after one year. Find the amount after two years.

Thanks! :)

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For compound interest, use the formula

A(t) = P(1+r/n)^{nt}

For this problem, P = 9000, n = 1 and r = 0.14.

A(1) = 9000(1+0.14/1)^{(1)(1)} = 90000(1.14) = 9900

A(2) = 9000(1+0.14)^{2} = 9000(1.2996) = 11696.40

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