Answer:
Amount = $10.754.61
Step-by-step explanation:
Given:
Principal Amount = P = $8,470
Interest rate = r = 12% = 0.12
Time = t = 2
Number of compounding periods in a year = n = 12
Here we have to find the amount using the formula given below.
A = p(1 + r/n)^n*t
Now plug in the given values in the above formula, we get
A = 8470 (1 + 0.12/12)^12*2
A = 8470(1 + 0.01)^24
A = 8470(1.01)^24
A = $10.754.61
That's the answer.
Thank you.
