If $8,500 is deposited in a compound interest account paying 3.9% interest annually, how much will be in the account after 12 years?

Use

A = PRn
A=future amount
P=principal (present value)
R=rate of interest, 1.08 for 8%
n=number of periods, number of years if the interest rate is compounded yearly.

i got 1.052432401^11 but i doubt its right because i suck at math and i came on this site looking for this answr but noooo t made me answr it for whoever you are.:(

To calculate the future value of the account after 12 years, we can use the compound interest formula:

FV = PV * (1 + r/n)^(n*t)

Where:
FV = Future Value
PV = Present Value (initial deposit)
r = Annual interest rate (in decimal form)
n = Number of times interest is compounded per year
t = Number of years

In this case, the initial deposit (PV) is $8,500, the annual interest rate (r) is 3.9% (or 0.039 in decimal form), the number of times interest is compounded per year (n) is not given, so we'll assume it's compounded annually, and the number of years (t) is 12.

Plugging in the values, we get:

FV = 8,500 * (1 + 0.039/1)^(1*12)
FV = 8,500 * (1+0.039)^12
FV = 8,500 * (1.039)^12
FV ≈ 8,500 * 1.5403
FV ≈ 13,094.55

Therefore, the amount in the account after 12 years would be approximately $13,094.55.