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(b) Roland invests $12000 in an account that pays compound interest at a rate of 2.2% per year. Calculate the value of his investment at the end of 6 years. Give your answer correct to the nearest dollar. A = P ( 1 + 1)" 100 A = 12000 (1+ 2.2) A = 13673.71806 A=13674 13674

(b) Roland invests $12000 in an account that pays compound interest at a rate of 2.2% per year. Calculate the value of his investment at the end of 6 years. Give your answer correct to the nearest dollar. A = P ( 1 + 1)" 100 A = 12000 (1+ 2.2) A = 13673.71806 A=13674 13674

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 2E
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(b) Roland invests $12000 in an account that pays compound interest at a rate of 2.2% per year. Calculate the value of his investment at the end of 6 years. Give your answer correct to the nearest dollar. A = P ( 1 + 1)" 100 A = 12000 (1+ 2.2) A = 13673.71806 A=13674 13674
Transcribed Image Text:(b) Roland invests $12000 in an account that pays compound interest at a rate of 2.2% per year. Calculate the value of his investment at the end of 6 years. Give your answer correct to the nearest dollar. A = P ( 1 + 1)" 100 A = 12000 (1+ 2.2) A = 13673.71806 A=13674 13674
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