Answer:
A = $ 5137.65 .
Step-by-step explanation:
Amount = $3000
interest rate = 9 %
= 9/12 = 0.75%
compounded monthly for
time = 6 years.
= 6 × 12 = 72 months.
[tex]A = P(1+\dfrac{r}{100})^t[/tex]
[tex]A = 3000\times (1+\dfrac{0.75}{100})^{72}[/tex]
A = $ 5137.65
hence, the amount after compounding $3000 at the rate of 9% after 6 years is A = $ 5137.65 .
