Use the compound interest formula to compute the balance in the following account after the stated...
Use the compound interest formula to compute the balance in the following account after the stated period of time, assuming interest is compounded annually. $12000 invested at an APR of 3.1% for 20 years. The balance in the account after 20 years is $ ___
(Round to the nearest cent as needed.)
Homework Answers
Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods
=12000*(1+0.031)^20
=22098
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