Step 1 :Given the following investment details: Principal = $3900.00, Nominal Rate = 2.4%, Frequency of Conversion = monthly, Time = 5 years.
Step 2 :The future value of an investment can be calculated using the formula: \(FV = P * (1 + r/n)^{nt}\), where FV is the future value of the investment, P is the principal amount, r is the annual interest rate (in decimal form), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years.
Step 3 :Substitute the given values into the formula: \(FV = 3900.0 * (1 + 0.024/12)^{12*5}\)
Step 4 :Calculate the future value: \(FV = 4396.710786712017\)
Step 5 :Round the future value to the nearest cent: \(FV = 4396.71\)
Step 6 :Final Answer: The future value of the investment is \(\boxed{4396.71}\)