The equation for the total amount after compounded interest is as follows:
[tex]A=P(1+\frac{r}{n})^{nt}^{}[/tex]Where A is the final amount, P is the initial amount, r is the annual interest, n is how many times per year the interest is compounded and t is the time in years.
Since the interest is compounded annually, it is compounded only once per year, so
[tex]n=1[/tex]The other values are:
[tex]\begin{gathered} P=4400 \\ r=3.2\%=0.032 \\ t=12 \end{gathered}[/tex]So, substituteing these into the equation, we have:
[tex]\begin{gathered} A=4400(1+\frac{0.032}{1})^{1\cdot12} \\ A=4400(1+0.032)^{12} \\ A=4400(1.032)^{12} \\ A=4400\cdot1.4593\ldots \\ A=6421.0942\ldots\approx6421 \end{gathered}[/tex]So, she will have approximately $6421.
