Answer:
Amount after 12 years is $205.42
Step-by-step explanation:
Fibal amount a is not given and to be found
Principal amount p = $100
Rate r = 6% ° 0.06
Years t = 20
Number if times computed n = 20*12
n = 240
a(t)=p(1+r/n)^nt
a = 100(1+0.06/240)^(240*12)
a = 100(1+0.00025)^(2880)
a= 100(1.00025)^2880
a= 100(2.054248)
a= 205.4248
To the nearest cent
a =$ 205.42
Amount after 12 years is $205.42
