You deposit $1000 in an account that pays 4 1/2% annual interest compounded monthly. How much will you have in the bank after 9 years

1498.17

Step-by-step explanation:

formula A = P where r is the rate of interest compounded and n is the number of times compounded.

r = 4.5 / 12 = 0.375 since it is compounded monthly thus need to divide by 12 months

n = 9 x 12 = 108 ( 9 years in months)

A = 1000 = 1498.167

Step-by-step explanation:

A = I(1+r/n)^nt

A = ?

I = $1000

r = 4.5% = 4.5/100 = 0.045

n = 12

t = 9

A = 1000(1+0.045/12)^108

A = 1000(1.00375)^108

A = $1498.17

i get you, what you should do is think of the positive things that would come out of it. it will make yours parents proud and raise your grade. you should always try and if you can't focus tell the teacher.