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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 ce…

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 ce…
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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.

asked
User ToheedNiaz
by
8.1k points

2 Answers

3 votes
Final Balance: $11,591.87
Total Compound Interest: $1,731.87
answered
User Bitsian
by
8.2k points
2 votes

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

Explanation:

answered
User Anna Krogager
by
8.2k points
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