Answer:
$ 2,544.84
Step-by-step explanation:
A = $ 2,544.84
A = P + I where
P (principal) = $ 1,600.00
I (interest) = $ 944.84
Compound Interest Equation
A = P(1 + r/n)^nt
Where:
A = Accrued Amount (principal + interest)
P = Principal Amount
I = Interest Amount
R = Annual Nominal Interest Rate in percent
r = Annual Nominal Interest Rate as a decimal
r = R/100
t = Time Involved in years, 0.5 years is calculated as 6 months, etc.
n = number of compounding periods per unit t; at the END of each period
