If you save $3,000 at an interest rate of
2 answers:
Amount earned in compound interest = P(1 + r)^n; where P is the principal, r is the rate and n is the number of periods.
Amount = 3,000(1 + 14%)^6 = 3,000(1 + 0.14)^6 = 3,000(1.14)^6 = $6,584.91
Answer: Option 'C' is correct.
Step-by-step explanation:
Since we have given that
Principal amount = $3000
Rate of interest = 14%
Time period = 6 years
As we know the formula for "Compound Interest " :

Hence, Option 'C' is correct.
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