Jessie's balance after 12 years will be $4867.3
Initial investment of Jessie in the saving account = $3200
Annual compound Interest rate = 3.5% = 0.035
Given that she makes no withdrawal or deposits
Let us consider that the amount is compounded monthly
The Amount of the compound interest can be calculated by equation (1)
[tex]\rm A = P (1 +r/n)^{(nt)}.....(1)\\where \\A = Future \; amount\\r = Annual\; compound\; interest \; rate\\n = The\; number\; of\; times \; the \; interest\; rate\; is \; compounded\; per\; unit \; time\\ P = Initial \; amount \\t = Number \;of \; years\; for\; which\; investment\; is\; done[/tex]
So for the given situation according to the given data
P = 3200
r = 0.035
n = 12 (considering compounded monthly)
t = 12 years
On putting these values in equation (1) we get
[tex]\rm A = 3200(1+0.035/12)^{12\times12} = 4867.3[/tex]
So Jessie's balance after 12 years will be $4867.3
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