At the end of the 12th year, the account will have $13821.50.
Considering the values provided in the question,
Monthly deposit (D) = $50
Monthly period (n) = 12year × 12months = 144months
Monthly interest rate (r) = Annual interest rate / 12 months in a year
= 10% / 12
= 0.8333%
Future value of monthly deposit = D × [tex](1+r)^{n}[/tex] - 1 / r
= $50 × [tex](1 + 0.8333)^{144}[/tex] - 1 / 0.8333
= $13821.50
Therefore, $13821.50 will be there in the account at the end of the 12th year.
Interest is the extra sum of money that a borrower pays to a lender or investment in addition to repaying the amount borrowed. For instance, a borrower may agree to borrow $20,000 and agree to pay an additional $200 in interest.
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