The formula required is:
where A is the amount after t years of the principal P invested at an annual interest rate r (expressed as a decimal fraction) compounded n times per year.
Plugging in the given values, we get:
The final amount is $22,096.17
where A is the amount after t years of the principal P invested at an annual interest rate r (expressed as a decimal fraction) compounded n times per year.
Plugging in the given values, we get:
The final amount is $22,096.17