Question

How much compound interest will an account of $12,000 bear after 6 years at 3.2% APR, compounded annually?

Answer 1

so it is the same formula again:
12000 * (1 + 0.032)^6

Answer 2

14496.3

Answer 3

now if we want only the interest
we need to subtract 12000 from it

Answer 4

because this is the total amount after 6 years but we want only the interest :)

Answer 5

Okay... 2496.37

Answer 6

yes

Answer 7

Cool. Thanks :)

Answer 8

yw