Answer:
218,900
Step-by-step explanation:
110,000 x 11%= 12,100
12,100 x 9 = 108,900
110,000+108,900= 218,900
Hence, the money will grow to $218900 in 9 years.
Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account. Simple interest does not compound, meaning that an account holder will only gain interest on the principal, and a borrower will never have to pay interest on interest already accrued.
given that,
principal amount = $110,000
time = 9 years
Rate of interest = 11%
Simple interest(SI) = [tex]\frac{principal.rate.time}{100}[/tex]
= [tex]\frac{110000.9.11}{100}\\ 1100.9.11\\108,900[/tex]
New amount = principal + interest
= 110000+108900
= $218900
Hence, the money will grow to $218900 in 9 years.
to learn more about SI: https://brainly.com/question/2294792
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