Molly invested $12,000 in an account with an interest rate of 6%. what is the amount in molly's account after 6 years if the interest was compounded annually? a) $5,022.23 b) $17,022.23 c) $22,044.46 d) $170,222.26

The formula for compound interest is given by:

where ,

A= Amount,

P=Principal

r=rate of interest

n= number of times interest is compounded per year

t = time ( in years)

Plugging the values ,

P = $12,000

r=0.06

t=6 years

n=1(annually compounded)

Plugging these in the formula,

A =$17022.229 which is approximately 17022.23

Amount is option B. $17022.23

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step-by-step explanation:

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