Michelle is attending college and has apart-time job. Once she finishescollege, Michelle would like to relocate to a metropolitan area. She wants to build her savings so that she will have a"nest egg" to start her off. Michelle works out her budget and decides she can afford to set aside $110 per month for savings. Her bank will pay her 2% peryear, compoundedmonthly, on her savings account. What will beMichelle's balance in fiveyears?

In fiveyears, Michelle's balance will be $