if $550 are deposited into an account with 9% interest rate, compounded monthly, what is the balance after 6…

if $550 are deposited into an account with 9% interest rate, compounded monthly, what is the balance after 6 years?\nnext, enter r, or the interest rate as a decimal.\nr = ?

if $550 are deposited into an account with 9% interest rate, compounded monthly, what is the balance after 6 years?\nnext, enter r, or the interest rate as a decimal.\nr = ?

Answer

Explanation:

Step1: Convert percentage to decimal

To convert a percentage to a decimal, divide by 100. The interest rate is 9%, so we calculate $r=\frac{9}{100}$. $r = 0.09$

Answer:

$0.09$