If you deposit $10,000 in a savings account at an annual interest rate of 6%, how much will you have in the account at the end of three years?
A)$8,396
B)$11,800
C)$11,910
D)$10,600

Question

Quizplus · Accepted Answer

The formula for calculating compound interest is A = P(1 + r/n)^(nt), where A is the ending amount, P is the principal, r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years. In this case, P = $10,000, r = 6%, n = 1, and t = 3. Plugging in these values, we get A = $11,910. Therefore, the best choice is C.

If You Deposit $10,000 in a Savings Account at an Annual