Share

## Suppose that when your friend was born, your friend’s parents deposited $9000 in an account paying 6.9% interest compounded . What will

Question

Suppose that when your friend was born, your friend’s parents deposited $9000 in an account paying 6.9% interest compounded . What will the account balance be after 17 years?

in progress
0

Mathematics
3 months
2021-09-02T14:56:46+00:00
2021-09-02T14:56:46+00:00 1 Answers
0 views
0
## Answers ( )

Answer:the account balance after 17 years is $27,981.02Step-by-step explanation:Given that

The deposited amount i.e. $9,000

The Rate of interest is 6.9%

Time period = 17 years

We need to find out the account balance after 17 years

As we know that

Future value = Present value × (1 + rate of interest)^time period= $9,000 × (1 + 6.9%)^17

= $27,981.02

Hence,

the account balance after 17 years is $27,981.02