An amount of $18,000 is borrowed for 9 years at 5.5% interest, compounded annually. Assuming that no payments are made, find the amount owed after 9 years.

To solve this problem, we will use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = time the money is invested for in years

In this case: P = $18,000 r = 5.5% = 0.055 (in decimal) n = 1 (since it's compounded annually) t = 9 years

Substituting these values into the formula, we get:

A = $18,000 (1 + 0.055/1)^(1*9)

Solving this equation will give us the amount owed after 9 years.

To calculate the amount owed after 9 years, we will use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = time the money is invested for in years

In this case: P = $18,000 r = 5.5% = 0.055 (in decimal) n = 1 (since the interest is compounded annually) t = 9 years

Substituting these values into the formula, we get:

A = $18,000 (1 + 0.055/1)^(1*9) A =$18,000 (1 + 0.055)^9 A = $18,000 * 1.055^9

Now, calculate the value of 1.055^9, then multiply the result by $18,000 to get the final amount owed after 9 years.