Question

$1200 at 12% for 3 years

Answer 1

$1,689.

Explanation:

Answer 2

If this is compound interest and it is compouned annually,the answer is $1,685.91

If this is simple interest, the answer is $1,632.00

Explanation:

Equation for compound interest.

`A=P(1+(r)/(n))^(n*t)`

`A=1200(1+(0.12)/(1))^(1*3)`

`A=1685.91`

Equation for simple interest.

`A=P(1+r*t)`

`A=1200(1+0.08*3)`

`A=1632.00`