Algebra-1

Question Analysis
This question evaluates the student's ability to handle more complex time periods and apply the compound interest formula. The problem provides the initial principal, the annual interest rate, the compounding frequency, and a mixed time period (years and months). The student must correctly convert the mixed time period to a decimal and then use the compound interest formula to find the final amount.

Key Concept Explanation
The key concept here is the compound interest formula, which is given by: where:
is the final amount (future value) including principal and interest,
is the initial principal,
is the annual interest rate (as a decimal),
is the number of times interest is compounded per year,
is the time the money is invested for, in years.

Step-by-step Solution
1. Identify the given values: , , , .
2. Substitute these values into the compound interest formula:

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