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3 years ago

Round to the nearest cent. Find the compound amount. Amount $8470 Rate 12% compounded monthly time (years) 2

Mathematics

1 answer:

victus00 [196]3 years ago

3 0

Answer:

Amount = $10.754.61

Step-by-step explanation:

Given:

Principal Amount = P = $8,470

Interest rate = r = 12% = 0.12

Time = t = 2

Number of compounding periods in a year = n = 12

Here we have to find the amount using the formula given below.

A = p(1 + r/n)^n*t

Now plug in the given values in the above formula, we get

A = 8470 (1 + 0.12/12)^12*2

A = 8470(1 + 0.01)^24

A = 8470(1.01)^24

A = $10.754.61

That's the answer.

Thank you.

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Step-by-step explanation:

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Henry has two pixie sticks full of delicious sugar. Henry loves to share. It just so happens that there are two other friends ne

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