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We have $10,000 to invest for 44 months. How much money will we have if we put the money into an account that has an annual interest rate of 5.5% and interest is compounded monthly?

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  1. 18 May, 19:29
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    A = p (1 + r/n) ^nt

    p = principal

    r = rate, change to a decimal

    n = number of times it is compounded per year

    t = time in years

    A = 10,000 (1 +.055/12) ^ (12 * (44/12))

    Since the time is in months and the formulas is in years, I put the (44/12) to represent the time. This will actually simplify to 44.

    A = 10,000 (1 +.055/12) ^ (44)

    A = $ 12,228.77
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