By using the compound interest formula we find that you will have $52,274.81 in your account in 29 years
Formula : A=p(1+r/100)^n
Compound interest is the addition of interest to the principal sum of a loan or deposit or interest on interest plus interest. It is the outcome of reinvesting interest or incorporating it into the loaned capital, rather than paying it out or requiring payment from the borrower so that interest is earned on the principal sum plus earlier accumulated interest in the following period. In finance and economics, compound interest is the norm.
Compound interest differs from simple interest in that previously accrued interest is not added to the principal amount of the current period, resulting in no compounding.
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