Answer:
19500
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 0.325/100
r = 0.00325 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 19,000.00(1 + 0.00325/12)(12)(8)
A = 19,000.00(1 + 0.000270833)(96)
A = $19,500.41
Rounded = 19500
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $19,000.00 at a rate of 0.325% per year compounded 12 times per year over 8 years is $19,500.41 (19500).
