Here we are given the formula for compound interest as :
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Here
A= Amount
P=Principal
r=rate of interest
n=number of times interest is compounded per year
t=time(years)
So we are given
P= $400
r=4% or 0.04
t= 11 years
n= 12
Plugging these values in the formula for compound interest we have,
[tex]A=400(1+\frac{0.04}{12})^{12*11}[/tex]
A= $620.6286
Amount = $620.6
Answer: The final amount after 11 years will be $620.6 .
