Question

Find the total value of the investment after the time given. $480 at 9% compounded monthly for 7 years​

Answer 1

`~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$480\\ r=rate\to 9\%\to (9)/(100)\dotfill &0.09\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &7 \end{cases} \\\\\\ A=480\left(1+(0.09)/(12)\right)^(12\cdot 7)\implies A=480(1.0075)^(84)\implies A\approx 899.14`