Maria's account balance at the end of the second year will be $9504.8.
What is compound interest?
Compound interest is the interest levied on the interest. use the mathematical formula for compound interest,
A=P(1+r/n)[tex].^{nt}[/tex]
Here, A is the total amount, and P is the principal amount. r is the rate of interest, t is the time period and n is the number of compounding.
It is given that Maria invests $8,000 in a bank account, which pays 9% annual interest, compounded yearly.
The amount will be calculated as below:-
A=P(1+r/n)[tex].^{nt}[/tex]
Put the values in the formula above to calculate the value of the amount.
A = 8000 ( 1 + ( 0.09 ))[tex].^{1\times 2}[/tex]
A = 8000( 1.09)²
A = $9504.8.
Therefore, the amount at the end of the second year will be $9504.8.
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