Answer:
Total amount = $2628.77
Interest = $728.77
Step-by-step explanation:
Compound Interest: [tex]A = P(1+\frac{r}{n} )^{nt}[/tex]
Info:
Initial amount → 1900
Interest rate → 2.5%
# of times compounded → 12
First Question:
[tex]A = 1900(1+\frac{0.025}{12})^{12(13)}[/tex]
[tex]A = $2,628.77[/tex]
Second Question:
2628.77 - 1900 = 728.77
