If joe has $5,600 today and invests it for 12 years at a 10 percent interest rate, how much will he have in 12 years?

I assume the current practice of compound interest rates.  But since the compounding period is not specified, I assume it to be annual.

If the above assumptions are correct, then
Future value = present value *(1+r)^n
=5600(1+0.1)^12
=$17575.20

If the assumptions are incorrect, please comment.