Answer
After the 10 years with accrued interest, there will be roughly $1,552.92 in the account.
Explanation
Using the given equation A = P(1 +r)^t
We are given that our initial start is $500.
P = 500
We are further told that the percentage interest gained is 12%, so we need to convert this into a decimal to be able to work with it.
12% / 100% = 0.12
r = 0.12
t is then our time in years
t = 10
A = 500(1 + 0.12)^10
A = 500(1.12)^10
A = 500(3.1058)
A = 1,552.92
After the 10 years with accrued interest, there will be roughly $1,552.92 in the account.
