Answer:
[tex]\$25,110.51[/tex]
Step-by-step explanation:
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
[tex]t=4.5\ years\\ P=\$16,100\\ r=10\%=10/100=0.10\\n=4[/tex]
substitute in the formula above
[tex]A=16,100(1+\frac{0.10}{4})^{4*4.5}[/tex]
[tex]A=16,100(1.025)^{18}[/tex]
[tex]A=\$25,110.51[/tex]
