Answer:
To solve this problem, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
where:
A = the final amount
P = the principal (initial amount)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the time (in years)
In this case, we have:
P = $200.00
r = 0.09 (9% expressed as a decimal)
n = 1 (compounded annually)
t = 5 years
Plugging these values into the formula, we get:
A = $200.00(1 + 0.09/1)^(1*5)
A = $200.00(1.09)^5
A = $200.00(1.538624)
A = $307.72
Therefore, after 5 years, Megan will have $307.72 in her account.
Explanation: