1. Kate deposits $2,350 in an account that earns interest at a rate of 1.1%, compounded monthly. What is her ending balance after 5 years? Round to the nearest cent.

B = P (1+5) "
P =
r =
n =
t =

$454220

Step-by-step explanation:

Given: B = P

But, B is the future amount

      P is the present amount = $2350

      r is the rate = 1.1%

     n is the number of compounding per year = 12

     t is the number of years = 5

So that;

B = 2350

  = 2350

B = 2350 x 193.2852

  = 454220.22

B = $454220

Thus, her ending balance after 5 years is $454220.