Answer:
A = $29,201.97
A = P + I where
P (principal) = $20,000.00
I (interest) = $9,201.97
Explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 9.5/100
r = 0.095 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 20,000.00(1 + 0.095/12)(12)(4)
A = 20,000.00(1 + 0.007916667)(48)
A = $29,201.97
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $20,000.00 at a rate of 9.5% per year compounded 12 times per year over 4 years is $29,201.97