Question

future value = P × (1+ i)t `"present value" = "P" / (1 + i)^"t"` You want to deposit $12,000 in a bank at an interest rate of 8 percent per year. What is the future value of this money after five years?

Answer 1

I believe the answer is $17,631.94

Explanation:

12000(1.08)∧5=17,631.94