The future value of an investment, P after n years at an APR of r% compounded t times a year is given by
[tex]FV=P\left(1+ \frac{r}{t} \right)^{nt}[/tex]
Given an investment of $2300, after 7 months, earning 6.6% APR, compounded monthly, the future value is given by
[tex]FV=2,300\left(1+ \frac{0.066}{12} \right)^{12\left( \frac{7}{12}\right) } \\ \\ =2,300(1+0.0055)^7=2,300(1.0055)^7 \\ \\ =2,300\times1.03914=\$2,390.02[/tex]
