math
If you invest $17,000 a year for 11 years, at 4% compounded monthly, what would the balance be at the end of 11 years?
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The balance at the end of 11 years would be $217,030.38. This is calculated by using the formula A = P(1 + r/n)^nt, where A is the total balance, P is the initial amount (17,000), r is the annual interest rate (4%), n is the number of compounding periods (12; monthly), and t is the number of years (11). So, the calculation would be A = 17,000(1 + 0.04/12)^(12 * 11) = $217,030.38.
