Imagine your family tree. You have two parents. Your parents have two parents: your grandparents. And so on. How many great-great-great-great-grandparents do you have? Hint: This would be six generations back.

Recall that the formula for interest compounded yearly is \(A=P(1+r)^{t}\), where \(A\) is the amount in the account after \(t\) years, \(P\) is the initial amount deposited, and \(r\) is the interest rate per year. However, if the account is compounded monthly, the formula changes to \(A=P\left(1+\frac{r}{12}\right)^{12 t}\).