Final answer:
To calculate the total amount after a 6 and 2/3 year investment at 5.4% compounded monthly, use the formula for compound interest.
Step-by-step explanation:
To calculate the total amount after your 6 and 2/3 year investment of $1,450 at 5.4% compounded monthly, you can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
- A is the total amount
- P is the principal (initial amount)
- r is the annual interest rate
- n is the number of times the interest is compounded per year
- t is the time in years
Plugging in the values for your investment, we get:
A = 1450(1 + 0.054/12)^(12 * 6 + 2/3)
Calculate this expression to find the grand total of your investment.