A financial advisor recommends that a client deposit $2700

Last updated: 7/14/2022

A financial advisor recommends that a client deposit $2700 into a fund that earns 7.5% annual interest compounded monthly. What will be the value of the investment after 9 years? Use the compound interest formula P = A(1 + i)", where A is the original value of an investment, i is the interest rate per compounding period, n is the total number of compounding periods, and P is the value of the investment after n periods. Round to the nearest cent.