2. find the compound amount. round to the nearest cent. amount: $8,470 rate: 12% compounded: monthly time (years): 2 a.)$10,502.80 b.)$9,486.40 c.)$10,624.77 d.)$10,754.61

Correct Option D

Principal Amount = P = $8,470
Interest rate = r = 12% = 0.12
Time = t = 2
Number of compounding periods in a year = n = 12
Compounded amount = A = ?

Formula for compound interest is:



Usingthe values in the formula, we get:



Therefore, option D is the correct answer.

Is 8.50 an answer or no? ?