Answer:
$17,404.5
Explanation:
To calculate the balance after t years, we can use the following equation:
[tex]A=P(1+r)^t[/tex]Where P is the initial investment and r is the rate.
So, we can calculate the balance after 4 years, replacing t by 4, r by 3%, and P by $9000. Therefore the balance is:
[tex]\begin{gathered} A=9000(1+0.03)^4 \\ A=9000(1.126)_{} \\ A=10129.579 \end{gathered}[/tex]Now, we can use this quantity to calculate the final value of the investment. So, replacing P by 10129.579, r by 7%, and t by 8 years, we get:
[tex]\begin{gathered} A=10129.579(1+0.07)^8 \\ A=10129.579(1.718) \\ A=17404.503 \end{gathered}[/tex]Therefore, the final value of the investment is $17,404.5