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Verified Answer :

Answer:

$228.036

Step-by-step explanation:

p = $190

r = 11% or 0.11

n = 12

t = \(1\frac{2}{3}\) years or \(\frac{5}{3}\) years

Compound interest formula is :

\(A=p(1+\frac{r}{n} )^{nt}\)

Putting the values in formula we get;

\(A=190(1+\frac{0.11}{12} )^{20}\)

\(A=190(1.009166)^{20}\)

= $228.036

The compound interest of allowance $190 got 11% compound monthly for 1 2/3 years is $228.036.

The allowance of $190 got 11% compounded monthly for 1 2/3 years.

p = $190

r = 11% or 0.11

n = 12

t = 1 2/3

What is meant by compound interest?

Compound interest is the addition of the interest on the principal and compound interest at regular intervals.

Also, the formula of compound interest is as follows

CI = \(\rm P \times (1 + r/n)^{nt}\)

Here, CI = \(\rm P \times (1 + r/n)^{nt}\)

CI = 190 \((1 + \frac{0.11}{12})^{20}\)

   =  \(190( 1 + 0.009166)^{20}\)

   =  190(1.009166)

   = 228.036

Therefore, the compound interest of allowance $190 got 11% compound monthly for 1 2/3 years is $228.036.

Learn about Compound interest here;

https://brainly.com/question/26457073

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