Answer:
Option [tex]\$842.13[/tex]
Step-by-step explanation:
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
[tex]t=14\ years\\ P=\$240\\ r=0.09\\n=12[/tex]
substitute in the formula above
[tex]A=\$240(1+\frac{0.09}{12})^{12*14}=\$842.13[/tex]
