Question

If $580 is invested in an account which earns 9% interest compounded annually, what will be the balance of the account at the end of 9 years?

Answer 1

the formula for compounded interest is A = P (1+r/n)^nt.
P=580
r = .09
n = 1
t = 9

To find how much the balance is at the end of nine years, plug in all of the knows into the formula.
A = 1259.698 is how much the balance will be. (Rounded to 1259.70 if you round to the nearest cent).