You are going to deposit $3,300 in an account that pays .39 percent interest compounded monthly. How much will you have in 9 years?

The answer is $3,417.81

Explanation:

We will be using the compound interest formula, which is:

A = P(1 + r/n)^nt

Where:

A - final amount

P - principal = $3,300

r - rate = 0.39% or 0.0039

n - number of times interest is compounded per time period = 12 (we will be using 12 because the interest is compounded monthly every year)

t - number of years = 9

Note: ^ means 'to the power of'

We solve thus:

A = 3,300(1+0.0039/12)^12x9

A = 3,300(1+0.000325)^108

A = 3,300(1.000325)^108

A = 3,300 x 1.0357

A = 3,417.81

Therefore the amount after 9 years, compounded monthly is $3,417.81

$4981 is the future value of the amount invested today, receivable in 9 years time.

Explanation:

The future value of the investment can be found from the compounding formula which is as below:

Future Value = Present Value * (1+r)^n

Present value here is $3300, r is 4.68% (0.39%*12) and n is 9 years.

Future Value = $3300 * (1+4.68%)^9 years = $3300 * 1.509 = $4981

So the amount $3300 invested today will be worth $4981 in nine years time.

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