Answer: The balance in the account after 9 years is $1085.93.
Step-by-step explanation:
Since we have given that
Principal amount = $700
Rate of interest = 5%
Number of years = 9
Since we have mentioned to use "Compound Interest " method:
As we know the formula for above i.e.
[tex]A=P(1+\frac{r}{100})^n\\\\A=700(1+\frac{5}{100})^9\\\\A=\$1085.93[/tex]
Hence, the balance in the account after 9 years is $1085.93.
