A 9300 investment earns interest at 4.4% p.a. compounded monthly over 14 years. Use the compound interest formula to calculate the value of this investment to the nearest cent.

Solución

Solución

Amount : 17199.63

Pasos de solución

Translate the problem into an equation:

A = 9300 (1 + \frac{0.044}{12})^{12 \cdot 14}

9300 (1 + \frac{0.044}{12})^{12 \cdot 14} = 17199.62910 \dots

Round to the nearest hundredth:

17199.63

Amount : 17199.63

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