Answer:
2294.20
Step-by-step explanation:
the formula [tex]A = P (1+\frac{r}{n}) ^{nt}[/tex] will show the exponential growth in the account
A = amount in account (how much you'll have after earning interest)
P = the initial amount (how much YOU put in the account)
r = interest rate (in decimal form)
n = the number of times the interests in compounded in one year
t = number of years
plug in numbers into formula
(4.2 will become 0.042 because we need it as a decimal)
(n = 12 because monthly means every month and there is 12 months in a year)
formula will look like [tex]A = 2200 (1+\frac{0.042}{12})^{12(1)}[/tex]
once solved you will get 2294.199616 *round as needed
