Problem

QUESTION 7
Find the compound amount for the deposit. Round to the nearest cent.
$$ 12, 000$ at $6 %$ compounded annually for 10 years
$$ 19, 200.00$
$$ 18, 480.00$
$$ 20, 273.75$
$$ 21, 490.17$

Answer

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Answer

$A = $ 21, 490.17$

Steps

Step 1 ： $A = P (1 + \frac{r}{n})^{n t}$

Step 2 ： $A = 12000 (1 + \frac{0.06}{1})^{1 \times 10}$

Step 3 ： $A = $ 21, 490.17$

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