Question

find the balance in the account after the given period. $12.000 principal earning 4.8% compounded annually, after 7 years.

Answer 1

$16,661.35

Explanation:

y=a•bxy =≈≈12,000•1.048712,000•1 . 3884459516,661 . 35After 7 years, the balance willbe $16,661 . 35. Y equals a multiplied by b raised to the power of x. Y equals 12,000 multiplied by 1.048 raised to the power of 7. Is approximately equal to 12,000 multiplied by 1.38844595. Is approximately equal to 16,661.35. After 7 years, the balance will be 16,661.35 dollars.

Answer 2

Fill in the given infomation in the appropriate formula.
A = P(1+r)^t
A = $12,000(1.048)^7 ≈ $16,661.35