Question

$1,800 principal earning 5%, compounded annually, after 9 years

Answer 1

$2792.39

Explanation:

→ Work out interest rate

( 100 + 5 ) ÷ 100 = 1.05

→ Multiply the amount by the interest rate to the power of 9

1800 × ( 1.05 )⁹ = 2792.39