Answer:
correct option is c $1,096.79
Step-by-step explanation:
given data
principal = $700
rate = 5 % compounded monthly = 0.05
time = 9 year
to find out
balance
solution
we will apply here formula that is
balance = [tex]P *( 1+ \frac{r}{n} )^{n*t}[/tex] ..................1
here P is principal and r is rate and t is time and n is compounding frequency i.e. 12
so put here all value we get balance by equation 1
balance = [tex]P *( 1+ \frac{r}{n} )^{n*t}[/tex]
balance = [tex]700 *( 1+ \frac{0.05}{12} )^{12*9}[/tex]
balance = $1,096.79
so correct option is c $1,096.79
