Question

A. Determine the value of an account in which a person invested $6000 for 12 years at an annual rate of 9% compounded annually (n= 1).​

Answer 1

1648

Explanation:

A=p(1+rt)

=6000$(1+(9/100)×12))

=1648.56

Answer 2

16875.98

Explanation:

6000(1+(0.09/1)^1*12 = 16875.98