SOLUTION: A financial advisor recommends that a client deposit $2600 into a fund that earns 7.5% annual interest compounded monthly. What will be the value of the investment after 7 years?

Question 1175588: A financial advisor recommends that a client deposit $2600 into a fund that earns 7.5% annual interest compounded monthly. What will be the value of the investment after 7 years? Round to the nearest cent.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!


Hi

 In General 
A = Accumulated Amount
P= principal = $2600
r= annual rate = .075
n= periods per year = 12
t= years = 7
 = $4,388.02

Wish You the Best in your Studies.

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