Maria's parents invested $14,000 at 6% per year compounded monthly. How much money will there be in the account after 12 years? Use a calculator to complete this problem after finding the rate and time A=P(1+ate)12time 12 178361.87 O 15780.24 O28710.51

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Compound interest is interest earned or paid on both the initial investment and previously earned interest. It
is an application of exponential growth.
Compound Interest formula
A=P(1+t
P=principal or starting amount
n=number of times interest is compounded (if monthly, n=12)
Frate
t-time
Maria's parents invested $14,000 at 6% per year compounded monthly. How much money will there be in the
account after 12 years?
Use a calculator to complete this problem after finding the rate and time
A=P(1+ete)12time
12
178361.87
O 15780.24
O 28710.51
Transcribed Image Text:Compound interest is interest earned or paid on both the initial investment and previously earned interest. It is an application of exponential growth. Compound Interest formula A=P(1+t P=principal or starting amount n=number of times interest is compounded (if monthly, n=12) Frate t-time Maria's parents invested $14,000 at 6% per year compounded monthly. How much money will there be in the account after 12 years? Use a calculator to complete this problem after finding the rate and time A=P(1+ete)12time 12 178361.87 O 15780.24 O 28710.51
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