Algebra-1

1. Recall the compound interest formula:

The formula for compound interest is , where:

 is the final amount of the investment.

 is the principal amount (the initial investment), which is = $ in this case.

 is the annual interest rate as a decimal. Here, the annual interest rate is , so .

 is the number of years. In this problem,  years.

2. Substitute the values into the formula:

.

First, calculate the value inside the parentheses:

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