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Answer: $7448

Step-by-step explanation:

Year 1: 1.218x

Year 2: 1.218(1.218x)

Year 3: 1.218(1.218(1.218x))

Year 4: 1.218(1.218(1.218(1.218x)))

Year 5: 1.218(1.218(1.218(1.218(1.218x))))

Year 6: 1.218(1.218(1.218(1.218(1.218(1.218x)))))

Year 7: 1.218(1.218(1.218(1.218(1.218(1.218(1.218x))))))

Year 8: 1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218x)))))))

Year 9: 1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218x))))))))

Year 10: 1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218(1.218x)))))))))

Year 11: x(1.218¹¹)

Year 12: x(1.218¹²) = 79,400

         

x(10.6602517) = 79,400

x = 79,400/10.6602517

x=7448.22939

x = $7448

Hope this helps!

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