Solve the Problem $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$

question 177

Multiple Choice

Solve the problem.
-Find the amount in a savings account at the end of 4 years if the amount originally deposited is $9000 and the interest rate is 5.5% compounded monthly. Use: $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ where:
$A =$ final amount
$\mathrm { P } = \$ 9000$ (the initial deposit)
$\mathrm { r } = 5.5 \% = 0.055$ (the annual rate of interest)
$\mathrm { n } = 12$ (the number of times interest is compounded each year)
$t = 4$ (the duration of the deposit in vears)

• A)$433,980.00
• B)$12,329.96
• C)$9166.14
• D)$11,209.06

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