Answer: $8359 will be in the account after 9 years.
Explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 4500
r = 7% = 7/100 = 0.07
n = 2 because it was compounded 2 times in a year.
t = 9 years
Therefore,
A = 4500(1+0.07/2)^2 × 9
A = 4500(1+0.035)^18
A = 4500(1.035)^18
A = $8359