Use the Compound Interest Formula to Determine the Accumulated Balance

question 22

Multiple Choice

Use the compound interest formula to determine the accumulated balance after the stated period. Assume that interest iscompounded annually.
-$11,000 is invested at an APR of 2.2% for 4 years.

• A)$12,000.42
• B)$243.50
• C)$968.00
• D)$11,742.09

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