indigo invested $53,000 in an account paying an interest rate of 3.3% compounded monthly. assuming no…

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 $P = 53000$, $r=0.033$ (since $3.3%=0.033$), $n = 12$ (compounded monthly), and $t = 18$.

Step3: Substitute values into the formula

$A=53000(1 +\frac{0.033}{12})^{12\times18}$ First, calculate the value inside the parentheses: $\frac{0.033}{12}=0.00275$, then $1+\frac{0.033}{12}=1 + 0.00275=1.00275$. Next, calculate the exponent: $12\times18 = 216$. So, $A = 53000\times(1.00275)^{216}$.

Step4: Calculate $(1.00275)^{216}$

Using a calculator, $(1.00275)^{216}\approx1.8377$.

Step5: Calculate $A$

$A=53000\times1.8377 = 97398.1$. Rounding to the nearest ten dollars, $A\approx97400$.

Answer:

$97400$