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13 March, 22:08

If Maggie invests $16,250 at a rate of 4.9%, compounded monthly, find the value of the investment after 7 years. Include your calculations in your final answer.

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  1. 14 March, 01:16
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    We can solve the problem using the formula for compound interest equation:

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

    Where the given values are below:

    P = $16, 250

    r = 0.049

    n = 12 months

    t = 7 mohths

    P = $16,250 * (1 + 0.049/12) ^ (12*7)

    P = $22,883
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