Answer:
$ 9287.45
Step-by-step explanation:
Since, the amount formula in compound interest,
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Where,
P = principal amount,
r = rate per period,
n = number of periods per year,
Here, P = $ 5,000, r = 7% = 0.07, t = 9 years, n = 2 (semiannual in a year),
Thus, the amount after 9 years,
[tex]A=5000(1+\frac{0.07}{2})^{18}[/tex]
[tex]=5000(1+0.035)^{18}[/tex]
[tex]=5000(1.035)^{18}[/tex]
= $ 9287.45
