25,110.51 is the total amount accrued over the course of 4.5 years, principle plus interest, on a principal of 16,100.00.
We may employ the compound interest future value formula provided by:
[tex]A=P(1+r/n)^{nt}[/tex]
Where A is the final amount, P stands for the current value,
r=interest rate, n represents how many times interest is compounded annually, and t represents the number of years.
In this case,
P= 16100
r = 10%
t = 4 years and 6 months=4.5 years
n=4
So, A=[tex]16100(1+0.1/4)^{4*4.5}[/tex]
A= [tex]16100(1+0.025)^{18}[/tex]
A= 25110.51
So, 25,110.51 is the total amount accrued over the course of 4.5 years, principle plus interest, on a principal of 16,100.00 at a rate of 10 percent per year compounded four times each year.
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