Answer:
The Amount after 7 years of investment is $2193.6
Step-by-step explanation:
Given as :
The invested principal = p = $1200
The rate of interest = r = 9%
Then time period for investment = t = 7 years
Let The amount after 7 years = $ A
From Compound Interest method
Amount = Principal × [tex](1+\dfrac{\textrm rate}{100})^{\textrm time}[/tex]
Or, A = p × [tex](1+\dfrac{\textrm r}{100})^{\textrm t}[/tex]
Or, A = $1200 × [tex](1+\dfrac{\textrm 9}{100})^{\textrm 7}[/tex]
Or, A = $1200 × [tex](1.09)^{7}[/tex]
or, A = $1200 × 1.8280
or , A = $2193.6
So amount after 7 years of investment = A = $2193.6
Hence The Amount after 7 years of investment is $2193.6 Answer
