Answer
$16661.35
Work Step by Step
The formula is:A=P(1+$\frac{r}{n}$$)^{nt}$
P=12000 which is the start amount
R=0.048 which is the rate(4.8%) in percent
N=1 because it is the number of times compounded per year.
T=7 which is the time.
Plug in:
A=P(1+$\frac{r}{n}$$)^{nt}$ -substitute-
A=12000(1+$\frac{0.048}{1}$$)^{1(7)}$ -simplify-
A=12000(1.048)$^{7}$ -exponents-
A=12000(1.38) -multiply-
A$\approx$16661.35
After 7 years there will be about $16661.35
