The Franklins inherited $3,500, which they want to invest for their child's future college expenses. They use the following formula to calculate the value of their investment over time, where A = value of the investment after years, P = principal invested, r = annual interest rate, and n = number of times compounded per year.
A = P(1 +
you
71
If they invest the inherited money at an annual rate of 8.25% with interest compounded monthly, what is the value of the account to the nearest dollar, after 5 years?