Solve the problem. Find the amount of money in an account after 12 years if $4700 is deposited at 5% annual interest compounded
1 answer:
Answer:
The correct answer is $8532.17
Step-by-step explanation:
The formula for calculating investments with compound interests is as follows:
Where:
R is the annual interest rate,
t is the number of times the investment is to be compounded in a year,
n is the number of years,
P is the principal amount invested.
Replacing in the formula with the given values you have:
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Answer:
x=3 is your answer
Step-by-step explanation:
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