Answer:
$16,353.18
Step-by-step explanation:
Amount invested in a business or in the bank account is called the principal amount. The Interest / Income is calculated on the basis of this value.
Principal = $11,830
First Year
Continuous Compounding
P(t) = P0e^rt
P(t) = $11,830 e^(2.808x1) = $12,166.89
Next Eight year
Principal = $12,166.89
Compounding Formula
A = P ( 1 + r/12)^nx12
A = $12,166.89 ( 1 + 3.702%/12)^8x12
A = $16,353.18
