Answer:
FV= $2,554.12
Explanation:
Giving the following information:
Rodney invests $2,400 today, compounded monthly, with an annual interest rate of 6.25%.
First, we need to calculate the monthly interest rate:
i= 0.0625/12= 0.0052
Now, using the following formula, we can determine the future value:
FV= PV*(1+i)^n
FV= 2,400*(1.0052^12)
FV= $2,554.12
