SOLUTION: Phil invested $7244 in an account at 14% compounded monthly. Calculate the total investment after 2 years. Round your answer to the nearest penny if necessary.

SOLUTION: Phil invested $7244 in an account at 14% compounded monthly. Calculate the total investment after 2 years. Round your answer to the nearest penny if necessary.

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Question 990722: Phil invested $7244 in an account at 14% compounded monthly. Calculate the total investment after 2 years. Round your answer to the nearest penny if necessary.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po{1+r/n}^nt
=7244{1+.14/12}^24; don't round until the end.
=$9569.23
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