Answer:
In 19 years, the investment will be worth $19973.34
Step-by-step explanation:
The compound interest formula is :
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
p = 11100
r = 3.1% or 0.031
t = 19
n = 12 (compounded monthly)
Now, putting these values in the formula we get;
[tex]A=11100(1+\frac{0.031}{12})^{12*19}[/tex]
=> [tex]A=11100(1.00258)^{228}[/tex]
A = $19973.34
