Answer:
$210,993.97
Step-by-step explanation:
Using the compound interest formula Accrued Amount = P (1 + r/n)^n
t
where Accrued amount is to be determined
P = principal; $7900
r = 11% = 0.11
n = number of times interest is applied annually = 12
t = number of years = 30
Therefore
Accrued amount = 7900 (1 + (0.11/12))^(30 x 12)
= 7900 x (1 + 0.0092)^360
= 7900 x (1.0092)^360
= 7900 x 26.71
= $210,993.97
