Manny will have $1,701.64.
let , P = $1,200 the principal invested
r = 0.05 or 5% annual interest rate
t = 7 years
n = 12*t = 12*7 = 84 compounding periods
A = future value
A = P(1 + r/12)^n ......(compound interest)
A = 1200(1 + 0.05/12)^84
A = $1,701.64
Manny will have $1,701.64.
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