Compounded interest formula:
A = P (1+ r/n)^tn
where:
A= Principal + interest
P = Principal amount invested
r= interest rate =11 % = 11/100 = 0.11 (decimal form)
n= number of compounding periods in each year
t= years
Replacing:
800 = P (1+0.11/12)^6x12
800 = P ( 1.009)^72
800= P 1.93
800/1.93 =P
P = $414.73
