Answer:
A = $3,198.17
A = P + I where
P (principal) = $1,600.00
I (interest) = $1,598.17
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 7.72/100
r = 0.0772 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 1,600.00(1 + 0.0772/12)(12)(9)
A = 1,600.00(1 + 0.006433333)(108)
A = $3,198.17
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $1,600.00 at a rate of 7.72% per year compounded 12 times per year over 9 years is $3,198.17.
