SOLUTION: how do I find the amount of interest earned by the following deposits ? $23000 at 12% compounded monthly for 21/2 years?

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Question 541120: how do I find the amount of interest earned by the following deposits ? $23000 at 12% compounded monthly for 21/2 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
$23000 at 12% compounded monthly for 21/2 years?
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A(t) = P(1+(r/n))^(nt)
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A(21/2) = 23000(1+(0.12/12))^(12*(21/2))
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A(21/2) = 2300(1+0.1)^(126)
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A(21/2) = 2300*164239.77
A(21/2) = 377,751,472.50
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Cheers,
Stan H.
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