Finance. suppose that $ 3 comma 400 is invested at 4.4 % annual interest rate, compounded monthly. how much money will be in the account in (a) 4 months? (b) 7 years? ]

There would be $3,450.14 by the end of 4 months

There would be $4,623.78 by the end of 7 years.

Step-by-step explanation:

We are given the following in the question:

P = 3,400$

r = 4.4% = 0.044

Compounded monthly

Formula:

The compound interest is given by:

where A is the amount, p is the principal, r is the interest rate, t is the time in years and n is the nature of compound interest.

a) 4 months

There would be $3,450.14 by the end of 4 months.

b)  7 years

t = 7

There would be $4,623.78 by the end of 7 years.