SOLUTION: I have a problem solving this compound interest question.
Question : If 7000 dollars is invested in a bank account at an interest rate of 9 per cent per year, find the amount
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Question : If 7000 dollars is invested in a bank account at an interest rate of 9 per cent per year, find the amount
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Question 193394: I have a problem solving this compound interest question.
Question : If 7000 dollars is invested in a bank account at an interest rate of 9 per cent per year, find the amount in the bank after 12 years if interest is compounded annually ?
Now, I have used the compound interest formula A=P(1+(r/n))^nt , and I get 7000. Could someone please help me and see what I am doing wrong in my caluclations? Thanks. Answer by Mathtut(3670) (Show Source):
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