Respuesta :
We are given the following information
Investment amount: P = $710
Interest rate: r = 5% = 0.05
Number of compounding: n = 1 (annually means once in a year)
Number of years: t = 9
We are asked to find the final amount after 9 years.
Recall that the compound interest formula is given by
[tex]A=P(1+\frac{r}{n})^{n\cdot t}[/tex]Where P is the invested amount, r is the interest rate, n is the number of compoundings, and t is the number of years.
Let us substitute all the given values into the above formula to find the final amount (A)
[tex]\begin{gathered} A=710(1+\frac{0.05}{1})^{1\cdot9} \\ A=710(1+0.05)^9 \\ A=710(1.05)^9 \\ A=\$1101.44 \end{gathered}[/tex]Therefore, Marissa will have $1101.44 in her account after 9 years.
