Question

8) $53,000 at 16% compounded

annually for 2 years
A) $71,316.80 B) $71,303.34
C) $69,960.00 D) $71,326.40

Answer 1

The answer is A

Explanation:

To get this answer you need to use the compound interest formula, which is A=P(1+r/n)^n(t). P=53,000 r=16%=0.16 n=1 t=2 years. Everything else should fall into place to get your answer. I hope this helps!