Answer:
6.5%
Step-by-step explanation:
Percentage error formula =
|Estimated value - Real value|/Real value × 100
From the above question,
Estimated value = 17,466
Real value = 16,400
Percentage error = |17,466 - 16,400|/16,400 × 100
= 1066/16,400 × 100
= 0.065 × 100
= 6.5%
Therefore, the percent error = 6.5%
$7881.18
Step-by-step explanation:
Let the initial Investment be
. The Interest is compounded on a monthly basis at 12% annual interest rate. After 17 years, the Investment amounts to $60,000.
As the annual interest rate is 12%, the monthly interest rate is 1%.
Since this is a compound interest problem, the total amount can be modeled as follows: 
Here
is the interest rate, i.e
, and t is the number of time periods, i.e
= 


∴ Initial Investment = $7881.18