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(PLEASE HELP ASAP) Determine the amount of money you will have if you deposit $16,000 compounded monthly for 3 years at 9.5% annual interest. A. $248,488.78 B. $16,383.02 C. $21…

(PLEASE HELP ASAP) Determine the amount of money you will have if you deposit $16,000 compounded monthly for 3 years at 9.5% annual interest. A. $248,488.78 B. $16,383.02 C. $21…
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2 votes
(PLEASE HELP ASAP)

Determine the amount of money you will have if you deposit $16,000 compounded monthly for 3 years at 9.5% annual interest.

A. $248,488.78
B. $16,383.02
C. $21,252.33
D. $12,045.74

asked
User BruceAdi
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7.9k points

1 Answer

5 votes
Compound interest is interest on the original amount plus the interest added, so it would be 21,252.33 after three years, or option C.
answered
User Andrea Vacondio
by
8.3k points
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