skylar invested $630 in an account paying an interest rate of 4% compounded monthly. assuming no deposits or…

Explanation:

Step1: Identify the compound - interest formula

The compound - interest formula is $A = P(1+\frac{r}{n})^{nt}$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), $n$ is the number of times interest is compounded per year, and $t$ is the number of years. Given $P = 630$, $r=0.04$ (since $4%= 0.04$), $n = 12$ (compounded monthly), and $t = 9$.

Step2: Substitute the values into the formula

Substitute the values into the formula: [ \begin{align*} A&=630\left(1 +\frac{0.04}{12}\right)^{12\times9}\ &=630\left(1+\frac{0.04}{12}\right)^{108}\ \end{align*} ] First, calculate $\frac{0.04}{12}\approx0.003333$. Then $1+\frac{0.04}{12}=1 + 0.003333=1.003333$. Next, calculate $(1.003333)^{108}$. Using a calculator, $(1.003333)^{108}\approx1.430767$. Then $A = 630\times1.430767$.

Step3: Calculate the final amount

$A=630\times1.430767 = 901.38321$.

Answer:

$901.38$