Molly invested $12,000 in an account with an interest rate of 6%. What is the amount in Molly's account after 6 years if the int
erest was compounded annually?A) $5,022.23B) $17,022.23C) $22,044.46D) $170,222.26
2 answers:
B. using the formula for interest rate would come out to 17,022
Principal = $ 12,000
Rate of interest = 6% = 0.06
Time in years = t = 6 yrs
Amount = 
Amount = 12,000
Amount = 12,000
Amount = 12,000(1.418519112256)
Amount = $ 17022.2293
Interest = Amount - Principal
Interest = 17,022.2293 - 12,000
Interest = $5022.2293
Interest = $ 5022.23
Option A is the answer
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