Question

Find the balance in the account.
$700 principal earning 5%, compounded monthly after 9 years

Answer 1

For SI


A = P ( 1+ RT )...... R = 5/100 FOR PERCENT

= $700 ( 1 + 5/100 × 9 )

= $700 ( 1+ 0.05×9)

=$700 ( 1+ 0.45)

= $700 × 1.45

= 1015