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 ：\(A = P(1 + \frac{r}{n})^{nt}\)
Step 2 ：\(A = 12000(1 + \frac{0.06}{1})^{1 \times 10}\)
Step 3 ：\(A = \$21,490.17\)
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