<h3>Answer: 7366.96 dollars</h3>
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Use the compound interest formula:
A = P(1+r/n)^(n*t)
where in this case,
A = 12000 = amount after t years
P = unknown = deposited amount we want to solve for
r = 0.05 = the decimal form of 5% interest
n = 1 = refers to the compounding frequency (annual)
t = 10 = number of years
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Plug all these values into the equation, then solve for P
A = P(1+r/n)^(n*t)
12000 = P(1+0.05/1)^(1*10)
12000 = P(1.05)^(10)
12000 = P(1.62889462677744)
12000 = 1.62889462677744P
1.62889462677744P = 12000
P = 12000/1.62889462677744
P = 7366.95904248911
P = 7366.96
