A $$$5170 investment earns interest at $$2.2% p.a. compounded monthly over $$18 years. What is the future value ($$A) of the investment to the nearest cent?

To calculate the future value of an investment with monthly compounding interest, you can use the formula:

A = P (1 + r/n)^(nt)

where:

• A is the amount of money accumulated after n years, including interest.
• P is the principal amount (the initial amount of money).
• r is the annual interest rate (in decimal form, so 2.2% becomes 0.022).
• n is the number of times that interest is compounded per year.
• t is the time the money is invested for in years.

In this case, P = $5170, r = 0.022, n = 12 (since interest is compounded monthly), and t = 18.

Substituting these values into the formula gives:

A = 5170 * (1 + 0.022/12)^(12*18)

Now, calculate the value inside the brackets:

1 + 0.022/12 = 1.00183333

Then, raise this to the power of (12*18):

(1.00183333)^(12*18) = 1.48886407

Finally, multiply this by the principal amount:

A = 5170 * 1.48886407 = $7698.79

So, the future value of the investment to the nearest cent is $7698.79.