Question 312828
$775 invested for 12 years at 12 percent compounded annually
.
{{{ A = P(1+r/n)^(nt) }}}
where
A is amount after t time
P is initial amount
r is rate
n is number of times compounded in a year
.
Since it's compounded annually n is 1
{{{ A = P(1+r)^t }}}
Plug in the given numbers:
{{{ A = 775(1+.12)^12 }}}
{{{ A = 775(1.12)^12 }}}
{{{ A = 775(3.895976) }}}
{{{ A = 3019.38 }}} (dollars)