Question

If a nurse deposits $12,000 today in a bank account and the interest is compounding annually at 11%, what will be the value of this investment nine years from now?
The future value of the money would be the original 12000 plus 11%, or 12000 times 1.11, after one year. After 9 years, the money will be worth 12000 times (1.11)^9, or 30696.44
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