How much money will you have after 10 years if you invest $2,500 into an account that pays 12% per year, compounded annually? (remember, the formula is a = p(1 + r)t.)

a. $7,764.62
b. $8,784.14
c. $7,674.68
d. $7,846.07

A. $7,764.62

Step-by-step explanation:

The amount you will have after 10 years if you invest $2,500 into an account that pays 12% per year, compounded annually is given by

where years

and P=$2,500

We substitute these values into the formula to obtain;

This will give us;

We round to the nearest hundredth to obtain;

The correct choice is A.

Option A

Step-by-step explanation:

We must use the compound interest formula:

Where

P is the initial amount = 2500

r is the annual interest rate =0.12

t is time in years = 10

A is the final amount

Then we substitute these values in the formula:

3, 12, 48, 384, 1536, 6144, 24576, 98304

step-by-step explanation:

just keep timing it by 4.

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step-by-step explanation: