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?

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