You were given a $20,000 gift towards University education by your grandparents. How much will this be in 17 years if it is invested at 7% and compounded annually?

The total amount accrued, principal plus interest, from compound interest in an original principal of $20k at a rate of 7% per year compounded 1 time per year over 17 years is $63,176.30

When rates are expressed as a quantity of 1, such as 2 feet per second or 5 miles per hour, they are called unit rates. if you have a multiple-unit rate such as 120 students for every 3 buses, and want to find the single-unit rate, write a ratio equal to the multiple-unit rate with 1 as the second term.