If a nurse deposits $12,000 today in a bank account and the interest is compound

Question

If a nurse deposits $12,000 today in a bank account and the interest is compounded annually at 11percent, what will be the value of this investment in three years from now?
If a nurse deposits $12,000 today in a bank account and the interest is compounded annually at 11percent, what will be the value of this investment in three years from now?
If a nurse deposits $12,000 today in a bank account and the interest is compounded annually at 11percent, what will be the value of this investment in three years from now?

Explanation / Answer

We use the formula:
A=P(1+r/100)^n
where
A=future value
P=present value
r=rate of interest
n=time period.

A=$12000(1.11)^3

=$12000*1.367631

=$16411.572

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