700*(1+0.05/12)^(9*12)
700*1.56684665 = 1096.79
The answer is A
The balance in the account that is compounded monthly is 1096.79
Compound interest (or compounding interest) is the interest on a loan or deposit calculated based on both the initial principal and the accumulated interest from previous periods.
Compound Amount is calculated by:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex] where,
P is the principal amount
r is the rate of interest(decimal)
n is frequency or no. of times the interest is compounded annually
t is the overall tenure.
In the given question,
P=700
r= 0.05
t=9
The amount in the account after 9 years compounded monthly is
[tex]A=700(1+\frac{0.05}{12})^{12 \times 9}\\\\A=700(1+0.004167)^{108}\\\\A=1096.79[/tex]
To learn more about compound interest: https://brainly.com/question/14295570
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