Question

In: Finance

You invest $7,000 into a savings account that pays an annual interest rate of 12.00%.

You invest $7,000 into a savings account that pays an annual interest rate of 12.00%. 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

Solutions

Expert Solution

FV = $7,000 * (1 + 12%)12

FV = $7,000 * 3.895976

FV = $27,272


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