Answer:
[tex]\boxed{\$8378}[/tex]
Step-by-step explanation:
The formula for compound interest is:
A = P(1 + r)ⁿ
Data:
P = 3300
APR = 8.5 %
t = 11 yr
Calculations:
n = 11 × 12 = 132
r = 0.085/12 = 0.007 083
A = 3300(1 + 0.007 083)¹³²
= 3300 × 1.007 083¹³²
= 3300 × 2.5539
= 8378
[tex]\text{The investment will be worth }\boxed{\mathbf{\$8378}}[/tex]
