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(PLEASE HELP ASAP) Determine the amount of money you will have if you deposit $16,000 compounded monthly for 3 years at 9.5% annual interest. A. $248,488.78 B. $16,383.02 C. $21…

(PLEASE HELP ASAP) Determine the amount of money you will have if you deposit $16,000 compounded monthly for 3 years at 9.5% annual interest. A. $248,488.78 B. $16,383.02 C. $21…
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2 votes
(PLEASE HELP ASAP)

Determine the amount of money you will have if you deposit $16,000 compounded monthly for 3 years at 9.5% annual interest.

A. $248,488.78
B. $16,383.02
C. $21,252.33
D. $12,045.74

User BruceAdi
by
7.9k points

1 Answer

5 votes
Compound interest is interest on the original amount plus the interest added, so it would be 21,252.33 after three years, or option C.
User Andrea Vacondio
by
8.3k points
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