# Chapter 7 Exponential and Logarithmic Functions - 7.1 Graph Exponential Growth Functions - 7.1 Exercises - Problem Solving - Page 484: 37b

$\approx2407$

#### Work Step by Step

The amount can be obtained by the formula $A=P(1+\frac{r}{n})^{nt}$ where $P$ is the initial amount and where $r$ is the annual interest rate which is compounded $n$ times per year over $t$ years. Hence here: $A=P(1+\frac{r}{n})^{nt}=2200(1+\frac{0.0225}{12})^{12\cdot4}\approx2407$

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