The Formula for Finding Compound Interest Is $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$

question 46

Short Answer

The formula for finding compound interest is $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ where A is the accumulated amount, P is the principal invested, r is the rate of interest, t is the time in years, and n is the number of compounds each year. Find the accumulated amount if the principal invested is $10,000, the rate is 12%, the compounds each year is 12 (monthly), and the
number of years is 6.

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