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Correct Answer: Option D
Principal Amount = P = $8,470
Interest rate = r = 12% = 0.12
Time = t = 2
Number of compounding periods in a year = n = 12
Compounded amount = A = ?
Formula for compound interest is:
Usingthe values in the formula, we get:
Therefore, option D is the correct answer.
Principal Amount = P = $8,470
Interest rate = r = 12% = 0.12
Time = t = 2
Number of compounding periods in a year = n = 12
Compounded amount = A = ?
Formula for compound interest is:
Usingthe values in the formula, we get:
Therefore, option D is the correct answer.