Mr. T. J. Fields sold his smaller farm for $580,000.00. His selling expenses were $8,800.00. He decided to invest the balance, after expenses, at 6.2 percent for 12 years compounded annually. Using the following compound interest formula, what is the amount after 12 years?
Where: An is amount after n years.
A0 is the principal.
r is the interest rate per year.
n is the year
$1,175,661.78
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