Use the compound interest formula to determine the accumulated balance after the stated period. \( \$ 9000 \) invested at an APR of \( 6 \% \) for 8 years. If interest is compounded annually, what is the amount of money after 8 years? \( \$ \square \) (Do not round until the final answer. Then round to the nearest cent as needed.)

To find the accumulated balance using the compound interest formula, we'll use the formula: \[ A = P(1 + r/n)^{nt} \] Where: - \( A \) is the amount of money accumulated after n years, including interest. - \( P \) is the principal amount (the initial money). - \( r \) is the annual interest rate (decimal). - \( n \) is the number of times that interest is compounded per year. - \( t \) is the number of years the money is invested for. In this case: - \( P = 9000 \) - \( r = 0.06 \) - \( n = 1 \) (compounded annually) - \( t = 8 \) Substituting these values into the formula: \[ A = 9000(1 + 0.06/1)^{1 \times 8} \] \[ A = 9000(1 + 0.06)^{8} \] \[ A = 9000(1.06)^{8} \] Calculating \( (1.06)^{8} \): \[ (1.06)^{8} \approx 1.59385 \] Now, substitute back to find \( A \): \[ A \approx 9000 \times 1.59385 \approx 14346.66 \] Thus, the amount of money after 8 years is approximately \( \$14,346.66 \).