Find the compound amount for the deposit. Round to the nearest cent.
-$\$ 7000$ at $12 \%$ compounded annually for 5 years
A) $\$ 10,360.00$
B) $\$ 12,336.39$
C) $\$ 11,200.00$
D) $\$ 11,014.64$

Question

Quizplus · Accepted Answer

The compound amount can be calculated using the formula $A = P(1 + r)^n$, where $A$ is the amount, $P$ is the principal amount (\$7000), $r$ is the annual interest rate (12% or 0.12), and $n$ is the number of years (5). Plugging in the values, $A = 7000(1 + 0.12)^5 = \$12,336.39$.

Find the Compound Amount for the Deposit $7000\$ 7000$7000 At 12%12 \%12%

Find the Compound Amount for the Deposit $\$ 7000$ At $12 \%$