Alexander’s parents are saving for his college fund. They put $8,000 into an interest-bearing account with an annual compound interest rate of 4.5%. Alexander’s parents want to determine what the

Alexander’s parents are saving for his college fund. They put $8,000 into an interest-bearing account with an annual compound interest rate of 4.5%. Alexander’s parents want to determine what the balance of his college fund account will be after 12 years. Which formula would be used for this situation?