Question

Suppose alan places $9000 in an account that pays 12% interest compunded each year. Find the amount in the account at the end of 1 year

Answer 1

There would be $10,080 in the account

Explanation:

To find this, start by finding the interest amount. You can do this by multiplying the total in the account by the percentage of interest.

$9,000 * 12% = $1,080

Now add the interest to the original amount.

$9,000 + $1,080 = $10,080