arun invested $11,000 in an account paying an interest rate of 4.7% compounded monthly. assuming no deposits…

Explanation:

Step1: Identify compound - interest formula

The compound - interest formula is $A = P(1+\frac{r}{n})^{nt}$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), $n$ is the number of times interest is compounded per year, and $t$ is the number of years.

Step2: Convert values to appropriate form

Given $P=$11000$, $r = 4.7%=0.047$, $n = 12$ (compounded monthly), and $t = 14$ years.

Step3: Substitute values into the formula

$A=11000(1 +\frac{0.047}{12})^{12\times14}$. First, calculate the value inside the parentheses: $\frac{0.047}{12}\approx0.003917$, then $1+\frac{0.047}{12}=1 + 0.003917=1.003917$. Next, calculate the exponent: $12\times14 = 168$. So, $A = 11000\times(1.003917)^{168}$. Using a calculator, $(1.003917)^{168}\approx1.9477$. Then $A=11000\times1.9477 = 21424.7$.

Step4: Round to the nearest hundred dollars

Rounding $21424.7$ to the nearest hundred dollars gives $21400$.

Answer:

$21400$