The compound interest formula is:
[tex]A\text{ = P}(1+i)^t[/tex]where:
A is the final amount including the principal
P is the principal amount
i is the interest rate (as a decimal)
t is time in years
Replacing with P = $2650, i = 0.11, and t = 1, we get:
A = 2650*(1 + 0.11)
A = 2650*1.11
A = $2941.5
