Compound Interest F64519
1. **State the problem:** We need to find the total value of an investment using the compound interest formula with the given values: principal $P=1920$, annual interest rate $r=1.75\%$, compounding frequency $m=26$ times per year, and time $t=9$ years.
2. **Formula:** The compound interest formula is:
$$ A = P \left(1 + \frac{r}{100m}\right)^{mt} $$
where $A$ is the amount after $t$ years.
3. **Substitute the values:**
$$ A = 1920 \left(1 + \frac{1.75}{100 \times 26}\right)^{26 \times 9} $$
4. **Calculate the inside of the parentheses:**
$$ 1 + \frac{1.75}{2600} = 1 + 0.0006730769 = 1.0006730769 $$
5. **Calculate the exponent:**
$$ 26 \times 9 = 234 $$
6. **Calculate the total amount:**
$$ A = 1920 \times (1.0006730769)^{234} $$
7. **Evaluate the power:**
$$ (1.0006730769)^{234} \approx 1.1667 $$
8. **Multiply to find $A$:**
$$ A = 1920 \times 1.1667 = 2240.06 $$
**Final answer:** The total value after 9 years is approximately **2240.06**.