Question

Jennifer invests $7,000 in an account for 12 years that pays compound interest

annually. She uses the expression P(1 + r) to find the total value of the account.
What will be the total value of the account after 12 years if the interest rate is 1.6%?

Answer 1

The rule is P(1+r%) power of time (T) so you're gonna apply the number to the rule

Explanation:

P=7000

r=1.6%

T=12

7000 x (1+r%) power of T

(1+1.6%) power of 12 = 1.20983040

so when we calculate 7000 x (1+1.6%) power of 12

the answer will be = 8468.812846