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If $700\$700 is invested at 9%9\% compounded\newline(A) annually,\newline(B) quarterly,\newline(C) monthly,\newlinewhat is the amount after 66 years? How much interest is earned?\newline(A) If it is compounded annually, what is the amount?\newline$1173.97\$1173.97 (Round to the nearest cent.)\newlineHow much interest is earned?\newline$□\$\square (Round to the nearest cent.)

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Q. If $700\$700 is invested at 9%9\% compounded\newline(A) annually,\newline(B) quarterly,\newline(C) monthly,\newlinewhat is the amount after 66 years? How much interest is earned?\newline(A) If it is compounded annually, what is the amount?\newline$1173.97\$1173.97 (Round to the nearest cent.)\newlineHow much interest is earned?\newline$□\$\square (Round to the nearest cent.)
  1. Given Information: We have:\newlinePrincipal amount PP = $700\$700\newlineAnnual interest rate rr = 99\% or 0.090.09\newlineNumber of years tt = 66\newlineNumber of times the interest is compounded per year nn for annual compounding = 11\newlineWe will use the compound interest formula: A=P(1+r/n)ntA = P(1 + r/n)^{nt}
  2. Calculate Amount: Calculate the amount AA after 66 years for annual compounding:\newlineA=700(1+0.09/1)(1∗6)A = 700(1 + 0.09/1)^{(1*6)}\newlineA=700(1+0.09)6A = 700(1 + 0.09)^6\newlineA=700(1.09)6A = 700(1.09)^6
  3. Perform Calculation: Perform the calculation:\newlineA=700×(1.09)6A = 700 \times (1.09)^6\newlineA=700×1.6771A = 700 \times 1.6771 (rounded to four decimal places)\newlineA=$(1173.97)A = \$(1173.97) (rounded to the nearest cent as given)
  4. Calculate Interest Earned: Now, calculate the interest earned II for annual compounding:\newlineInterest earned II = Amount AA - Principal PP\newlineI=1173.97−700I = 1173.97 - 700\newlineI=$(473.97)I = \$(473.97)

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