If you save $4,500 at an interest rate of 13 percent per year, how much will you have at the end of seven years?

The equation you use to find this is A=P (1+r/n) ^nt

P is your initial amount

r is the rate in a decimal

n is the number of times compounded per year

T is the number of years

We can plug all of these things into the equation to get A=4500 (1+.13/1) ^1 (7)

this simplifies down to A=4500 (1.13) ^7. If you put this into your calculator, you get 10586.724662

since it is in dollars, round to the nearest cent to get $10,586.72