Remember that the formula to calculate the total amount in an account with compoud interest is:
[tex]P(1+r)^n[/tex]
Where:
• P, is the principal (amount incially invested)
,
• r ,is the rate of interest
,
• n, is the times that the interest is compounded
Using this and the data given we'll get:
[tex]2000(1+\frac{4.8}{100})^9=3049.87[/tex]
Thereby, we can conclude that the accounts balance after 9 years is $3,049.87
