Respuesta :

semsee45

Answer:

$5,245.06 (nearest cent)

Step-by-step explanation:

Compound Interest Formula

[tex]\large \text{$ \sf I=P\left(1+\frac{r}{n}\right)^{nt} -P$}[/tex]

where:

  • I = interest accrued
  • P = principal amount
  • r = interest rate (in decimal form)
  • n = number of times interest applied per time period
  • t = number of time periods elapsed

Given:

  • P = $6,000
  • r = 7% = 0.07
  • n = 12 (monthly)
  • t = 9 years

Substitute the given values into the formula and solve for I:

[tex]\implies \sf I=6000\left(1+\dfrac{0.07}{12}\right)^{12 \times 9}-6000[/tex]

[tex]\implies \sf I=6000\left(\dfrac{1207}{1200}\right)^{108}-6000[/tex]

[tex]\implies \sf I=5245.061831...[/tex]

Therefore, the interest generated is $5,245.06 (nearest cent).

Learn more about compound interest here:

https://brainly.com/question/27747709

https://brainly.com/question/27806277

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