Register
(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
99.4k views
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
8.5k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!