And the number 550 is the value of the five in the tens place 10 times greater than the value in the 500s place explain why or w
1 answer:
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Answer:
$17,685.45
Step-by-step explanation:
We will use the compound interest formula to solve this:
<em>P = initial balance</em>
<em>r = interest rate (decimal)</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
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The first step is to change 12% into a decimal:
12% -> -> 0.12
Next, lets plug in the values:
After 7 years, you will have $17,685.45