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

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)