Question: The compound interest formula is given by A=P(1+rn)nt where A is the accumulated amount, after an initial investment of P dollars is invested for t

The compound interest formula is given by

A=P(1+rn)nt where A is the accumulated amount, after an initial investment of P dollars is invested for t years, at annual interest rate r, compounded n times per year. Use the formula above to determine how long it will take an initial investment of $8,000 to grow to $33,600, if the account earns 12.97% interest per year, compounded daily. Round the solution to two decimal places. Assume there are 365 days in a year. The account balance will reach $33,600 after years.

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