Answer: $11,594.97
Work Shown:
A = P*(1+r/n)^(n*t)
A = 7500*(1 + 0.0624/12)^(12*7)
A = 11,594.9685957732 approximately
A = 11,594.97
Notes:
- P = 7500 is the principal or deposit amount
- r = 0.0624 is the decimal form of 6.24%
- n = 12 refers to the money compounded 12 times a year (i.e. compounded monthly).
- t = 7 is the number of years
