P=$12,145(1*.042)^12 solve and show work
AAAaannndd the bot gets it wrong yet again!
12,145(1+.042)^12 = 19,898.03
To solve this problem, you will need to use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the amount of money you will have after t years
P = the principal (starting amount)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
In this case, we are given:
P = $12,145 (the starting amount)
r = 0.042 (the annual interest rate)
n = 1 (the interest is compounded once per year)
t = 12 (we are looking for the amount after 12 years)
Applying these values into the formula:
A = $12,145(1 + 0.042/1)^(1*12)
A = $12,145(1.042)^12
A = $12,145(1.598)
A = $19,409.81
Therefore, after 12 years, the amount of money you will have is $19,409.81.