John has a bank account with \( \$ 7,362 \). He decides to invest the money at \( 4.85 \% \) interest, compounded annually. How much will the investment be worth after 9 years? Round to the nearest dollar. Type your numerical answer below.

To calculate the future value of an investment with compound interest, you can use the formula: \[ A = P(1 + r)^n \] where: - \( A \) is the amount of money accumulated after n years, including interest. - \( P \) is the principal amount (the initial amount of money). - \( r \) is the annual interest rate (decimal). - \( n \) is the number of years the money is invested or borrowed. Here, \( P = 7362 \), \( r = 0.0485 \), and \( n = 9 \). Now, plugging in the values: \[ A = 7362(1 + 0.0485)^9 \] Calculating \( A \): 1. Calculate \( (1 + 0.0485) \approx 1.0485 \). 2. Raise it to the power of 9: \( 1.0485^9 \approx 1.4878 \). 3. Multiply by the principal: \( 7362 \times 1.4878 \approx 10977.71 \). Rounding to the nearest dollar, the investment will be worth approximately \( \$10,978 \).