Answer:
A = $ 144,460.59
Step-by-step explanation:
A = $ 144,460.59
First, convert R percent to r a decimal
r = R/100
r = 7%/100
r = 0.07 per year,
Then, solve our equation for A
A = P(1 + r/n)nt
A = 9,000.00(1 + 0.0175/4)(4)(40)
A = $ 144,460.59
Sum:
The total amount accrued, principal plus interest,
from compound interest on an original principal of
$ 9,000.00 at a rate of 7% per year
compounded 4 times per year
over 40 years is $ 144,460.59.
