The formula for Future value = Present value x (1 + i/n)nt, where i = annual interest rate as a decimal, n = number of compounding periods per year, and t = number of years
In this case, the Present value is $20,000, the annual interest rate is 0.0615, the number of compounding periods is 4, and the number of years is 9. The total value will be $34,640.39.
The interest will be the total value less the initial amount, or $14,640.39
