You deposit $2700 in an account earning 3.3% interest compounded monthly. How much will you have in the account in 14 years?

To find how much you'll have in the account after 14 years, we can use the formula for compound interest:

\[
A = P \left( 1 + \frac{r}{n} \right)^{nt}
\]

Where:
- $ A $ is the amount of money in the account after interest.
- $ P $ is the principal amount (initial deposit), which is $2700.
- $ r $ is the annual interest rate (decimal), which is 3.3% or 0.033.
- $ n $ is the number of times the interest is compounded per year, which is 12 (monthly).
- $ t $ is the time the money is invested for, which is 14 years.

Now, we can plug the values into the formula:

\[
A = 2700 \left( 1 + \frac{0.033}{12} \right)^{12 \times 14}
\]

I'll calculate this for you.After 14 years, the amount in the account will be approximately **$4282.85**.

Would you like further details on this calculation, or do you have any questions?

Here are some related questions for you to explore:
1. What would happen if the interest rate were increased to 5%?
2. How much interest would you have earned after 14 years?
3. What is the difference between compounding annually versus monthly?
4. How does the time period affect the total interest earned?
5. What if you deposited an additional amount each year?

**Tip:** The more frequently interest is compounded, the more your investment will grow due to the power of compounding.

Learn how to calculate compound interest on a $2700 deposit earning 3.3% interest compounded monthly over 14 years. This step-by-step guide will walk you through using the compound interest formula to find the future value of the investment. Ideal for students in Grades 9-12.

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