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John makes a deposit of $12,000 in a bank at 6% Compound Interest annually, for 7 years. a) At the end of 7 years, how much John will have in his bank account

Respuesta :

Answer:

$18,043.56

Explanation:

The formula for calculating future value:

FV = P (1 + r) n

FV = Future value  

P = Present value  

R = interest rate  

N = number of years  

12,000 x (1.06)^7 = $18,043.56

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