Calculate the future value. (Round your answer to two decimal places.)
$P = $ 23, 000, r = 7 % compounded monthly, t = 7 years$
$$$

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$$ 37, 489.86$ is the future value of the investment.

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Step 1 ：Given that the principal amount (P) is $23,000, the annual interest rate (r) is 7% or 0.07, the interest is compounded monthly which means 12 times a year (n=12), and the time the money is invested for (t) is 7 years.

Step 2 ：The future value of an investment can be calculated using the formula: $F V = P * (1 + r / n)^{n t}$

Step 3 ：Substitute the given values into the formula: $F V = 23000 * (1 + 0.07 / 12)^{12 * 7}$

Step 4 ：After calculating, we find that the future value of the investment is approximately $37,489.86

Step 5 ： $$ 37, 489.86$ is the future value of the investment.

Calculate the future value. (Round your answer to two decimal places.)P=$23,000,r=7% compounded monthly, t=7 years $

Answer

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Calculate the future value. (Round your answer to two decimal places.)
$P = $ 23, 000, r = 7 % compounded monthly, t = 7 years$
$$$