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A $9860 investment earns interest at 2.7% per year compounded monthly over 6 years. Use the compound interest formula to calculate the value of this investment to the nearest cent.
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A $9860 investment earns interest at

2.7% per year
compounded monthly
over 6 years. Use the compound
interest formula to calculate the value
of this investment to the nearest cent.

User ToheedNiaz
by
7.6k points

2 Answers

3 votes
Final Balance: $11,591.87
Total Compound Interest: $1,731.87
User Bitsian
by
7.8k points
2 votes

Answer: Final Balance is $11,591.87 and the total compound interest is $1,731.87.

Explanation:

User Anna Krogager
by
7.7k points
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