question archive You invest $9,000 into a savings account that pays an annual interest rate of 11
You invest $9,000 into a savings account that pays an annual interest rate of 11
Subject:FinancePrice:2.87 Bought7
You invest $9,000 into a savings account that pays an annual interest rate of 11.5%. How much would you have in your account after 12 years?
A.$20,549
B.$24,010
C.$27,272
D.$30,343
E.$33,231
F.$35,942
G.$38,483
H.$40,861
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Answer:
E. $33,231
Future value = Present value * (1 + r)n
= $9,000 * (1 + 11.5%)12
= $9,000 * 3.69231214
= $33,231
