You are looking to save money to start a business. You currently have $500 saved up. We JustWantUrMoney Bank offers a savings account with 12% interest, compounded annually. How much money would you have after 10 years? Round to the nearest cent, if necessary.

You would have $1552.9 after 10 years.

Step-by-step explanation:

Compound interest:

The compound interest formula is given by:

Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per year and t is the time in years for which the money is invested or borrowed.

You currently have $500 saved up.

This means that

12% interest, compounded annually.

This means that .

How much money would you have after 10 years?

This is A(10). So

You would have $1552.9 after 10 years.

the answer is:

the correct option:

b.

to solve the problem, we need to remember how to operate to simplify exponential expressions using the logarithms.

we are given the equation:

then, using placing logarith with base 7 on both sides of the equation, we have:

so, rounding the obtained result to two decimal places (nearest hundreth), we have:

hence, we have that the correct option:

b.

have a nice day!