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ual is the compound amount of $9,000.00 at 8.75% convertible biweekly, for 8 years. Select one: to. $36,412.92 b. $37,246.46 c. $36,311.88

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Answer to a math question ual is the compound amount of $9,000.00 at 8.75% convertible biweekly, for 8 years. Select one: to. $36,412.92 b. $37,246.46 c. $36,311.88

Expert avatar
Cristian
4.7
111 Answers
P = \$9,000.00
r = 8.75\% \text{ or } 0.0875
t = 8 \text{ years}
n = 26 \text{ (biweekly)}

Use the compound interest formula:
A = P \left(1 + \frac{r}{n}\right)^{nt}

Substitute the values into the formula:
A = 9000 \left(1 + \frac{0.0875}{26}\right)^{26 \times 8}

Calculate the value:
A = 9000 \left(1 + \frac{0.0875}{26}\right)^{208}
A = 9000 \left(1.00336538\right)^{208}
A \approx 37,246.46

Therefore, the compound amount is:
\boxed{ \$37,246.46 }

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