If 11,100 is invested at 3.1 percent interest compounded monthly, how much will the investment be worth in 19 years?

The formula for compound interest is:

A=P (1+r/n) ^ (nt)

Where A represents the amount of money in the account after t years, P is the principal (investment), n is the number of compoundings per year, and r is the interest rate in decimal form.

P=11,100

r=.031

n=12 (monthly)

t=19

A=11,100 (1+.031/12) ^ (12*19)

A=11,100 (1+. 002583) ^ (228)

A=11,100 (1.002583) ^ (228)

A=11,100 (1.80082)

A=$19,989.10