Answer:
FV= $3,716.32
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $3,500
Interest rate (i)= 1.2% compounded monthly
<u>First, we need to determine the monthly nominal interest rate:</u>
Monthly interest rate= 0.012/12= 0.001
<u>Now, to calculate the future value after 't' months, we need to use the following formula:</u>
FV= PV*(1 + i)^t
<u>For example, for 60 months:</u>
FV= 3,500*(1.001^60)
FV= $3,716.32
I don't know of any algebraic way to answer this, but 59,60,61 add up to 180, and 60^3 would be the greatest product of 3 numbers, so 59,60,61 yield the greatest product.