Problem
QUESTION 7 Find the compound amount for the deposit. Round to the nearest cent. \( \$ 12,000 \) at \( 6 \% \) compounded annually for 10 years \( \$ 19,200.00 \) \( \$ 18,480.00 \) \( \$ 20,273.75 \) \( \$ 21,490.17 \)
Solution
Step 1 ：\(A = P(1 + \frac{r}{n})^{nt}\)
Step 2 ：\(A = 12000(1 + \frac{0.06}{1})^{1 \times 10}\)
Step 3 ：\(A = \$21,490.17\)
