$65,472.34
The formula for compound interest is:
A = P(1+r/n)^(nt)
where
A = Future amount
P = Principle
r = annual interest rate
n = number of periods per year
t = number of years
So let's substitute the known values and calculate:
A = P(1+r/n)^(nt)
A = 46000(1+0.04/1)^(1*9)
A = 46000(1+0.04)^9
A = 46000(1.04)^9
A = 46000(1.423311812)
A = 65472.34
So $65,472.34 needs to be paid back after 9 years.
