Answer:
$213.41
Explanation:
To do this question, you have to use the formula for compound interest:
A=P(1+r/n)^nt
The A is the final amount of money you make which is $237.60. P is your initial amount that you are trying to solve for. R is the rate of interest. However, for r you have to convert the percent into a decimal so divide 1.2 by 100, which would be 0.012. N is the number of times it is compounded annually which is once. And finally, t is the number of years taken, which is 9. If you substitute the numbers into the equation it should look like this:
237.60=P(1+0.012/1)^1*9
If you solve for P, you should get $213.41.
Hope this helps :)