Answer:
Ariana is going to invest P($) in an account paying an interest rate of 3.4% compounded monthly.
After 14 years, the amount of money in Adrina's account is calculated by:
A = P x (1 + rate)^(time)
or
A = P x (1 + 3.4/12)^(14 x 12)
or
9200 = P x (1 + 3.4/12)^(14 x 12)
=> P = 9200/[(1 + 3.4/12)^(14 x 12)]
=> P = 5791.044$
Hope this helps!
:)
The value of the account to reach $9,200 in 14 years is $5,791.
Since interest rate of 3.4% compounded monthly. And, the amount is $9,200 in 14 years
So, the value should be
[tex]A = P \times (1 + rate)^{(time)}\\\\A = P \times (1 + 3.4/12)^{(14 \times 12)}\\\\9200 = P \times (1 + 3.4/12)^{(14 \times 12)}\\\\ P = 9200\div [(1 + 3.4/12)^{(14 \times 12)]}[/tex]
P = $5791
hence, The value of the account to reach $9,200 in 14 years is $5,791.
Learn more about rate here: https://brainly.com/question/14565608
