Question

(PLEASE HELP ASAP)
Determine the amount of money you will have if you deposit $16,000 compounded monthly for 3 years at 9.5% annual interest.

A. $248,488.78
B. $16,383.02
C. $21,252.33
D. $12,045.74

Answer 1

Compound interest is interest on the original amount plus the interest added, so it would be 21,252.33 after three years, or option C.