Answer: $1755 will be in the account when you are 18 years old.
Explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $500
r = 7% = 7/100 = 0.07
n = 12 because it was compounded 12 times in a year.
t = 18 years
Therefore,
A = 500(1 + 0.07/12)^12 × 18
A = 500(1 + 0.00583)^216
A = 500(1.00583)^216
A = $1755