SOLUTION: Please Help: Find the compound interest earned by the deposit. Round to the nearest cent. $11,000 at 11% compounded annually for 16 years A) $18,150.00 B) $47,419.84 C) $

Algebra ->  Equations -> SOLUTION: Please Help: Find the compound interest earned by the deposit. Round to the nearest cent. $11,000 at 11% compounded annually for 16 years A) $18,150.00 B) $47,419.84 C) $      Log On


   

Question 201910: Please Help:
Find the compound interest earned by the deposit. Round to the nearest cent.
$11,000 at 11% compounded annually for 16 years
A) $18,150.00
B) $47,419.84
C) $41,630.48
D) $19,360.00
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=P*(1+(r/n))^(1*16)
A=11000*(1+.11)^16
A=11000*5.310894=58419.84-11000=47419.84 (B)