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Client #18 Luciana wants to invest $11,000 now in a Certificate of Deposit (CD). Your bank is offering CDs at 2.5% compounded monthly for 5

Client #18

Luciana wants to invest $11,000 now in a Certificate of Deposit (CD). Your bank is offering CDs at 2.5% compounded monthly for 5 years. How much money will Luciana have in the CD at the end of 5 years?

(5 pt) Determine the amount of money at the end of 5 years. Write out 1) the correct formula with variables (e.g. P₀, P_N, N, r, etc.), and 2) the correct formula with the numerical values (round your answer to the nearest cent, 3) write the answer in a complete sentence.

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