Answer:
$12,938.26
Step-by-step explanation:
The equation for solving this is:
A = P(1+r/n)^nt
P = 4600
^ initial amount/principal
R = 0.09
^ rate (9% converted to a decimal)
n = 1
^ how often it is compounded (yearly, so it is 1)
t = 12
^ how long the investment is for (in years)
A = 4600(1.09)^12
A = 12,938.26
^ rounded to the nearest hundred, because when dealing with money it has to be rounded to the nearest hundred. Un-rounded the answer is 12938.2579962.
The investment will be worth $12,938.26 after 12 years.
