The compound interest formula is given by T nt A P 1 7 where

Last updated: 10/29/2023

The compound interest formula is given by T nt A P 1 7 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 12 250 to grow to 51 450 if the account earns 14 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 51 450 after years