Final answer:
After 9 years, Jonathan's investment with 4.8% interest compounded monthly will grow to approximately $6,653.62. This is not matching any of the provided answer choices, which suggests a possible error in the question or its options.
Step-by-step explanation:
Jonathan wants to calculate the future value of his $4300 investment earning 4.8% interest compounded monthly after 9 years. To solve this, we can use the compound interest formula:
A = P(1 + r/n)nt
where:
- P = principal amount ($4300)
- r = annual interest rate (4.8% or 0.048)
- n = number of times interest is compounded per year (12)
- t = number of years (9)
Plugging these values into the formula gives us:
A = $4300(1 + 0.048/12)12*9
Calculating the above expression:
A ≈ $4300(1 + 0.004)108
A ≈ $4300 * 1.5474
A ≈ $6653.62
Therefore, after 9 years, Jonathan will have approximately $6,653.62, which is not one of the provided options. There seems to be a discrepancy in the question's options and the calculated result.