You have an account with $ 7007.08 . you transfer this amount into an account paying 9 % annual interest compounded monthly. how much money will be in the account after 6 years? (also called future value).

Around $12,000 [or $11,999]

Step-by-step explanation:

This can be solve using the formula:

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:

So amount will be around $12,000

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