Answer:
There would be $3,450.14 by the end of 4 months
There would be $4,623.78 by the end of 7 years.
Step-by-step explanation:
We are given the following in the question:
P = 3,400$
r = 4.4% = 0.044
Compounded monthly
Formula:
The compound interest is given by:
![A = p\bigg(1+\dfrac{r}{n}\bigg)^{nt}](https://tex.z-dn.net/?f=A%20%3D%20p%5Cbigg%281%2B%5Cdfrac%7Br%7D%7Bn%7D%5Cbigg%29%5E%7Bnt%7D)
where A is the amount, p is the principal, r is the interest rate, t is the time in years and n is the nature of compound interest.
a) 4 months
![A = 3400\bigg(1+\dfrac{0.044}{12}\bigg)^{4}\\\\A = \$3,450.14](https://tex.z-dn.net/?f=A%20%3D%203400%5Cbigg%281%2B%5Cdfrac%7B0.044%7D%7B12%7D%5Cbigg%29%5E%7B4%7D%5C%5C%5C%5CA%20%3D%20%5C%243%2C450.14)
There would be $3,450.14 by the end of 4 months.
b) 7 years
t = 7
![A = 3400\bigg(1+\dfrac{0.044}{12}\bigg)^{84}\\\\A = \$4,623.78](https://tex.z-dn.net/?f=A%20%3D%203400%5Cbigg%281%2B%5Cdfrac%7B0.044%7D%7B12%7D%5Cbigg%29%5E%7B84%7D%5C%5C%5C%5CA%20%3D%20%5C%244%2C623.78)
There would be $4,623.78 by the end of 7 years.
37 I ?
I 48
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U have to measure it