compounded interest formula
[tex]A=P(1+r)^t[/tex]
A=final amount
P=principal
t=time in years
r=rate in decimal
P=1192
t=22
r=1.5%=0.015
[tex]A=1192(1+0.015)^{22}[/tex]
[tex]A=1192(1.015)^{22}[/tex]
calculator
A=1653.975
round to nearest cent
A=$1653.98
the amount of interest=A-P=1953.98-1192=761.98
interest earned will be $761.98
