Michelle will have $28200 in account after one year.
Step-by-step explanation:
Given ,
P ( Principle amount )= $2000
r ( rate of interest)= 2.10% per month
n (number of times rate of interest is applied) = 12
t ( time period ) = 1 years
Compound Interest = P ( 1 + r/n ) * n*t
⇒ [tex]2000 (1+2.10/12) * 12*1[/tex]
⇒ [tex]2000*12*1.175[/tex]
⇒ 28200
Michelle will have $28200 in account after one year.
