Question

If 8000 dollars is invested in a bank account at an interest rate of 9 per cent per year, find the amount in the bank after 12 years if interest is compounded annually

Answer 1

total = principal * (1+rate)^years
total = 8,000 * (1.09)^12
total = 8,000 * 2.8126647818
total = 22,501.32
and to check your answer

http://www.1728.org/compint.htm