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Answer:
$405.4
Step-by-step explanation:
[tex]A= P(1+\frac{r}{100}) ^{n}[/tex]
-->180*(1+7/100)^12
-->$405.4
The amount after 12 years would be $416.71
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
where, A = Accrued amount
P = Principal amount
r = interest rate as a decimal
R = interest rate as a percent
r = R/100
n = number of compounding periods
t = time in years
For given question,
the principal P = $180, t = 12 years
The invested amount is compounded weekly.
So, n = 52
the interest rate as percent R = 7
So, the interest rate as decimal would be,
[tex]r=\frac{7}{100}\\ r=0.07[/tex]
Using the compound interest formula,
[tex]\Rightarrow A=P(1+\frac{r}{n} )^{nt}\\\\\Rightarrow A=180\times (1+\frac{0.07}{52} )^{(52\times 12)}\\\\\Rightarrow A=$416.71[/tex]
Therefore, the amount after 12 years would be $416.71
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