Respuesta :

The correct answer is FV = $11,323.38  

What is compound interest explain?

  • Compound interest is when you earn interest on both the money you've saved and the interest you earn.
  • So let's say you invest $1,000 (your principal) and it earns 5 percent (interest rate or earnings) once a year (the compounding frequency).

FV = PV x [1 + R]^N, where FV=Future Value, PV=Present Value, R=Interest rate per period, N=Number of periods.

FV = 9,000 x [1 + 0.047]^5

FV = 9,000 x 1.047^5

FV = 9,000 x 1.258152857750007

FV = $11,323.38

Therefore , the answer is $11,323.38.

Learn more about compound interest

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