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:
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
There would be $3,450.14 by the end of 4 months.
b) 7 years
t = 7
There would be $4,623.78 by the end of 7 years.