Lauren opened a savings account and deposited $1,000.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 9 years?
nt
p(2 + )" .
1
Use the formula A = P 1 + where A is the balance (final amount), P is the principal
(starting amount), r is the interest rate expressed as a decimal, n is the number of times per
year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.