SOLUTION: $775 invested for 12 years at 12 percent compounded annually

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Question 312828: $775 invested for 12 years at 12 percent compounded annually
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
$775 invested for 12 years at 12 percent compounded annually
.
+A+=+P%281%2Br%2Fn%29%5E%28nt%29+
where
A is amount after t time
P is initial amount
r is rate
n is number of times compounded in a year
.
Since it's compounded annually n is 1
+A+=+P%281%2Br%29%5Et+
Plug in the given numbers:
+A+=+775%281%2B.12%29%5E12+
+A+=+775%281.12%29%5E12+
+A+=+775%283.895976%29+
+A+=+3019.38+ (dollars)