Answer:
4606.48 $
Step-by-step explanation:
Amount invested P = 3500 $
Rate of interest r = 6.12%
Compounding monthly
Monthly rate of interest = 6.12/12 =0.51%
Time = 4.5 years = 4.5 (12) = 54 months
Hence final amount would be
P(1+0.01r)^t
Here r = 0.51 and t = no of months = 54
Hence final amount
= 3500(1.0051)^54
= 3500(1.31613)
=4606.48 $
Thus 3500 if invested now will become 4606.48 in 4.5 years at the rate of interest of 6.12% compounding monthly.
