Answer:$1109.23 will be in the account after 9 years
Step-by-step explanation:
Initial amount deposited into the account is $400 This means that the principal
P = 400
It was compounded annually. This means that it was compounded once in a year. So
n = 1
The rate at which the principal was compounded is 12%. So
r = 12/100 = 0.12
It was compounded for 9 years. So
n = 9
The formula for compound interest is
A = P(1+r/n)^nt
A = total amount in the account at the end of t years. Therefore
A = 400 (1+0.12/1)^1×9
A = 400(1.12)^9 = 1109.23$
