Question

a principal of $3400 is invested at 6.25% interest, compounded annually. How much will the investment be worth after 12 years?

Answer 1

3400 * (1.0625)^12. Can't be bothered to calculate it myself.

Answer 2

Sorry the formula was incorrect... here it is\[A=P \left( 1+\frac{r}{n} \right)^{nt}\]where A= the accumulated amount in the account
P=principle
r=interest rate (decimal)
n=number of compoundings per year
t=number of years

Answer 3

In your case...\[A=3400\left( 1+.0625 \right)^{12}=7037.63\]Note n=1 (one compounding per year)