Answer:
$14,917.30
Step-by-step explanation:Step 1: To calculate your interest rate, you need to know the interest formula I/Pt = r to get your rate. Here,
I = Interest amount paid in a specific time period (month, year etc.)
P = Principle amount (the money before interest)
t = Time period involved
r = Interest rate in decimal
Step 2: Once you put all the values required to calculate your interest rate, you will get your interest rate in decimal. Now, you need to convert the interest rate you got by multiplying it by 100. For example, a decimal like .11 will not help much while figuring out your interest rate. So, if you want to find your interest rate for .11, you have to multiply .11 with 100 (.11 x 100).
Amount get after 10 year is $14,640
Given information:
Initial amount invested = $12,000
Annual interest rate = 2.2%
Number of year = 10 year
Find:
Amount get after 10 year
Computation:
Amount of interest = Initial amount invested × Annual interest rate × Number of year
Amount of interest = 12,000 × 2.2% × 10
Amount of interest = $2,640
Amount get after 10 year = Initial amount invested + Amount of interest
Amount get after 10 year = 12,000 + 2,640
Amount get after 10 year = $14,640
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