Question

Suppose that $50,000 is invested at 9% interest. Find the amount of money in the account after 4 years if the interest is compounded annually.

Answer 1

$50,000 is invested at 9​% interest.

after 4 years

compounded annually.

$\begin{gathered} 50000\cdot(1+0.09)^4 \\ 50000\cdot(1.09)^4=70579.08\text{ dollar} \end{gathered}$