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! :)
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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