Explanation
We are given the following:
[tex]\begin{gathered} P=\text{ \$}18,600 \\ r=4.1\%=0.041 \\ t=10months=\frac{10}{12}yr \end{gathered}[/tex]We are required to determine the future value using the given information above.
This is achieved thus:
The future value formula for simple interest is given as:
[tex]\begin{gathered} A=P(1+rt) \\ where \\ A=future\text{ }amount \\ P=principal\text{ }amount \\ r=simple\text{ }interest\text{ }rate\text{ }in\text{ }decimal\text{ }form \\ t=number\text{ }of\text{ }time\text{ }periods \end{gathered}[/tex]Therefore, we have:
[tex]\begin{gathered} A=18600(1+0.041\cdot\frac{10}{12}) \\ A=19235.5 \end{gathered}[/tex]Hence, the answer is:
$19,235.50
