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If you deposit 12,000 in a bank account that pays 6% interest annually, how much will be in your account after 5 years?

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Answer:

([tex]12,000 = P(1+\frac{0.06}{12})^{12(5)} \\\\12,000 = P(1.005)^{60} \\\\12,000= P (1.348850153)\\\\ P= \frac{12000}{1.348850153} \\\\P=8896.46[/tex]

You will have $8898.46 after 5 years

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