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?

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bonexptip 3 months 2021-09-02T14:56:46+00:00 1 Answers 0 views 0

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    2021-09-02T14:58:35+00:00

    Answer:

    the account balance after 17 years is $27,981.02

    Step-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

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