She will have $2118 in her account after five years
The given parameters about the compound interest are
Principal Amount, P = $1,900
Interest Rate, R = 2.2%
Time, t = 5
Compound interests are different from simple interest, and they are calculated using the following compound interest formula
CI = P(1 + R)^t - P
To calculate the amount, we have:
A = P + CI
So, the equation becomes
A = P + P(1 + R)^t - P
Evaluate the like terms
A = P(1 + R)^t
Substitute the known values in the above equation
A = 1900 * (1 + 2.2%)^5
Express 2.2% as decimal
A = 1900 * (1 + 0.022)^5
Evaluate the sum
A = 1900 * (1.022)^5
Evaluate the exponent
A = 1900 * 1.11495
Evaluate the product
A = 2118
Hence, she will have $2118 in her account after five years
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