Answer:
answers below
Explanation:
N = A (1 + increase) ^n
Where N is future amount, A is initial amount, increase is percentage increase/decrease, n is number of mins/hours/days/months/years.
1) N = 5500(1 + 0.09)^1
= $5995.
2) N = 5500(1 + 0.09)^2
= $6534.55