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olga nikolaevna [1]
3 years ago
13

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
Mathematics
2 answers:
mars1129 [50]3 years ago
6 0
B. using the formula for interest rate would come out to 17,022
maxonik [38]3 years ago
3 0

Principal = $ 12,000

Rate of interest = 6% = 0.06

Time in years = t = 6 yrs

Amount = P(1+r)^{t}

Amount = 12,000(1+0.06)^{6}

Amount = 12,000(1.06)^{6}

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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