For my windfall inheritance, I have chosen an initial amount of $20,000 (P for principal), and a reasonable interest rate of 8%. I will invest this money for 20 years, allowing for compound interest to be calculated monthly. Using the compound interest formula (A = P(1 r/n)^(nt)), the total amount of money that will grow in my chosen time frame is: A = $20,000(1 0.08/12)^(12*20) = $78,053.29 The interest earned during this period is: $78,053.29 - $20,000 = $58,053.29 If I had an additional 10 years to let my investment grow, the final investment amount would be calculated as follows: A = $20,000(1 0.08/12)^(12*30) = $158,832.63 The interest earned during this period is: $158,832.63 - $20,000 = $138,832.63. increase the interest rate by 1 percentage point. Determine the amount of interest your classmate will earn with this new interest rate as well as how much money your classmate will gain over the length of the investment. Write a 1-paragraph memo to your classmate explaining why they should go with the new interest rate