Compound Interest, SMB-006

Natalie is saving for a netball hoop and invests $2200 in an account that earns interest at 5.5% per annum, compounded monthly.

What is the future value of Natalie's investment, to the nearest dollar, after 1.5 years? (2 marks)

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`$2389`

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`text{Annual interest rate = 5.5% = 0.055}`

`text(Monthly interest rate) = \frac(0.055)(12)`

`n = 1.5 xx 12 = 18`