Well, the equation is A=Pe^rt
So using what you are given:
P=$1,600
r=4.75% or 0.0475
t=7 years
A = total
And e is a number. if you have a calculator. you should be able to see it on there. It's literally just the letter e.
so then the equation is:
A = (1600)e^(0.0475)(7)
Which when you enter into a calculator gives you:
11,744.837452558
and when rounded to the nearest hundreth:
11,744.84
