SOLUTION: Find the accumulated value of an investment of $17,000 at 6% compounded annually for 6 years. a.$22,749.83 b.$24,114.82 c.$23,120.00 d.$22,100.00

Question 374015: Find the accumulated value of an investment of $17,000 at 6% compounded annually for 6 years.
a.$22,749.83
b.$24,114.82
c.$23,120.00
d.$22,100.00
Answer by rfadrogane(214) (Show Source): You can put this solution on YOUR website!
Find the accumulated value of an investment of $17,000 at 6% compounded annually for 6 years.
a.$22,749.83
b.$24,114.82
c.$23,120.00
d.$22,100.00
sol'n:
Let F = the future amount of money
P = the present amount of money
i = interest rate
n = number of compounding period
Since this problem is involved in the compound interest, thus
F = P(1+i)^n
F = 17,000(1+0.06)^6
F = $24,114.82----ans (b)

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