Answer:
≈$4607
Step-by-step explanation:
I will assume it's compounded yearly.
Apply the compound interest formula.
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
A = Total
P = Initial Principle
r = Interest Rate
n = number of interest in every t period
t = number of periods
In the case,
P = 3500
r = 3.1% = 0.031
n = 1
t = 9
Hence,
[tex]A=3500(1+\frac{0.031}{1})^{1*9}[/tex]
[tex]A = 4606.764717......[/tex]
A ≈ 4607 (nearest whole number)
