Answer:
Around $12,000 [or $11,999]
Step-by-step explanation:
This can be solve using the formula:
[tex]F=P(1+r)^t[/tex]
Here
F is future amount [what we want to find]
P is the present amount [7007.08]
r is the rate of interest, monthly, since compounding is monthly [9/12 = 0.75% = 0.0075]
t is the number of compoundings [compounded monthly for 6 years, 6 * 12 = 72)
Now substituting, we get:
[tex]F=P(1+r)^t\\F=7007.08(1+0.0075)^{72}\\F=7007.08(1.0075)^{72}\\F=11,999.99[/tex]
So amount will be around $12,000
