By using the compound interest formula we have:
[tex]a(t) = p(1 + \frac{r}{n} ) ^{nt} [/tex]
Where A(t) is your final amount, p is the principal amount r is the rate in decimals n is the amount of times compounded and t is time. But plunging in our values P=7800, r=0.052, t=11, n=12 (12 months in 1 year). we have:
[tex]a(11) = 7800(1 + \frac{0.052}{12} )^{12 \times 11} \\ \\ = 13803.03[/tex]
