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?
Algebra ->
Equations
-> 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?
Log On
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?
----------------
A(t) = P(1+(r/n))^(nt)
A(8) = 12000(1+0.06)^8
-----
A(8) = $19,126.18
===============
Cheers,
Stan H.
(