An initial deposit of 900earns 7 interest compounded monthly

An initial deposit of $900earns 7% interest, compounded monthly. How much will be in the account in 5 1/2 years?

Solution

P = 900
r = 7% = 0.07
monthly, so n = 12

A = p(1 + r/n)^(nt)

Plug in :
A = 900(1 + 0.07/12)^(12 * 5.5)

A = 900(1.0058333333333333)^66

A = 900(1.4679713757803994066)

A = 1321.17 dollars ----> ANSWER