3 years ago

Annalise invested $3,300 in an account paying an interest rate of 2.8% compounded monthly. Assuming

Mathematics

1 answer:

Artist 52 [7]3 years ago

4 0

Answer:

$4,881.56

Step-by-step explanation:

The future value formula is ...

FV = P(1 +r/n)^(nt)

where principal P is invested at annual rate r compounded n times per year for t years.

You have P=3300, n=12, r=0.028, t=14, so the future value is ...

FV = $3300(1 +0.028/12)^(12·14) = $4881.56

There would be $4881.56 in the account after 14 years.

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