Solve for K: 40 + K = 56 K=
2 answers:
You might be interested in
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>
<em />
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