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Ann invested $9000 in an account that earns 4.7% interest, compounded annually. The formula for compound interest is A(t) = P(1 + i)t.How much did Ann have in the account after 5 years?
A.$11,323.38
B.$11,319.63
C.$11,115.00
D.$13,230.00

Respuesta :

[tex]\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A(t)=P\left(1+i\right)^{t} \quad \begin{cases} A=\textit{current amount}\\ P=\textit{original amount deposited}\to &\$9000\\ r=rate\to 4.7\%\to \frac{4.7}{100}\to &0.047\\ t=years\to &5 \end{cases} \\\\\\ A(t)=9000\left(1+0.047\right)^{5}[/tex]
shubhamchouhanvrVT

The amount that Ann will have in the account after 5 years will be A=$11,323.38.

What is Compound interest?

Compound interest is the interest on a loan or deposit that accrues on both the initial principal and the accumulated interest from previous periods.

We have the data:

Amount =$9000

rate=  4.7%

Time = 5 years

By applying the formula:-

[tex]A=P(1+i)^t[/tex]

[tex]A=9000(1+0.047)^{5}[/tex]

[tex]A=\$11323.37[/tex]

hence the amount that Ann will have in the account after 5 years will be A=$11,323.38.

To know more about compuond interest follow

https://brainly.com/question/24924853

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