Question

Suppose your​ friend's parents invest $25,000 in an account paying 6% compounded annually. What will the balance be after 9 ​years?

The account balance will be ​$_

Answer 1

Answer: $42,236.97

Work Shown:

A = P*(1+r/n)^(n*t)

A = 25000*(1+0.06/1)^(1*9)

A = 42236.9739750673

A = 42236.97