Mathematics
EarleBussiere
2016-04-16 14:56:27
A principal of $4700 is invested at 6% interest compounded annually. How much will the investment be worth after 12 years Use the calculator provided and round your answer to the nearest dollar.
ANSWERS
Sully199
2016-04-16 20:56:09

[latex]f qquad extit{Compound Interest Earned Amount} \\ A=Pleft(1+frac{r}{n} ight)^{nt} quad egin{cases} A= extit{accumulated amount}\ P= extit{original amount deposited} o &$4700\ r=rate o 6\% o frac{6}{100} o &0.06\ n= egin{array}{llll} extit{times it compounds per year}\ extit{annually, thus once} end{array} o &1\ t=years o &12 end{cases} \\\ A=4700left(1+frac{0.06}{1} ight)^{1cdot 12}implies A=4700(1+0.06)^{12}[/latex]

ADD ANSWER