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Can someone help me with this question? Thanks! How much compound interest will an account of $12,000 bear after 6 years at 3.2% APR, compounded annually? (Hint: Use the formula for annual compound interest.
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Can someone help me with this question? Thanks!

How much compound interest will an account of $12,000 bear after 6 years at 3.2% APR, compounded annually? (Hint: Use the formula for annual compound interest.) $2,496.38
$14,496.38
$1,896.38
$496.38

User Artem P
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1 Answer

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Total = Principal * (1 + rate)^years
Total = 12,000 * (1.032)^6
Total = 12,000 * 1.208031291
Total = 14,496.38

User Moshe Sommers
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