SOLUTION: Suppose you deposit $12,000 in a bank at 6% interest and leave it for 8 years. How much will you end up with if the interest is compounded annually?

Question 913111: Suppose you deposit $12,000 in a bank at 6% interest and leave it for 8 years. How much will you end up with if the interest is compounded annually?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose you deposit $12,000 in a bank at 6% interest and leave it for 8 years. How much will you end up with if the interest is compounded annually?
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A(t) = P(1+(r/n))^(nt)
A(8) = 12000(1+0.06)^8
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A(8) = $19,126.18
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Cheers,
Stan H.
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