If Bob and Judy combine their savings of $1 comma 700 and $700, respectively, and deposit this amount into an account that pays 3 % annual interest, compounded monthly, what will the account balance be after 12 years?

$3,438.45

Explanation:

The amount invested is the sum of Bob's and Judy's savings:

The equation that gives the future value of an investment P, at an annual interest rate r for t years, compounded monthly, is:

Therefore, the account balance after 12 years of an initial investment of $2,400 at 3% is:

The account balance after 12 years will be $3,438.45.

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