Answer:
The investment will become $13803.
Step-by-step explanation:
We are given that a principal amount of $7800 is invested at an APR of 5.2% compounded monthly.
We have to calculate the matured sum of money after 11 years.
Now, the monthly interest rate is [tex]\frac{5.2}{12} = 0.433\%[/tex] and the principal is compounded for (11 × 12) = 132 times.
Now, using the formula of compound interest we will get the matured sum
= [tex]7800(1 + \frac{0.433}{100})^{132} = 13803[/tex] dollars (Approximate)
Therefore, the investment will become $13803. (Answer)
