Answer:
$12,958
Step-by-step explanation:
The total amount of the account, principal plus interest, is given by ...
A = P(1 +rt)
The given information tells us ...
12,122 = P(1 + .08×2) = 1.16P
Then the principal amount is ...
12,122/1.16 = 10,450
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When that same amount is invested using a different rate and time period, it becomes ...
A = 10,450(1 + .09×(2 2/3)) = 10,450×1.24 = 12,958
It will amount to $12,958 in 2 years 8 months at 9%.
