Compound interest is given by the formula A P(1 + r). Where

Last updated: 8/14/2022

Compound interest is given by the formula A P(1 + r). Where A is the balance of the account after t years, and P is the starting principal invested at an annual percentage rate of r, expressed as a decimal. Erik invested $7200 in a savings account that pays 11% interest compounded annually and plans to leave it there for 20 years. Determine what Erik 's ending balance will be after 20 years. After 20 years, Erik will have a balance of $ Round your answer to the nearest cent. in his savings account.