Suppose $3500 is invested in an account with an APR of 11% compounded monthly. Find the future value of the account in 3 years.

Answer 1

P = Po(1+r)^n.

Po = $3500.

r = (11% / 12) / 100% = 0.0091667 =
Monthly % rate expressed as a decimal.

n = 12Comp,/yr * 3yrs = 36 Compounding
periods.

Plug the above values into the given Eq
Answer: $4861.08.