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 $11,750 to grow to $41,125, if the account earns 10.8% 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 $41,125 after years.

A=P(1+r over n )power of nt

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