Answer:
$4,965.43
Step-by-step explanation:
The compound interest formula is: A = P (1 + r/n)^nt
The compound interest formula solves for the future value of your investment (A). The variables are: P – the principal (the amount of money you start with); r – the annual nominal interest rate before compounding; t – time, in years; and n – the number of compounding periods in each year (for example, 365 for daily, 12 for monthly, etc.).
