If Maggie invests $16,250 at a rate of 4.9%, compounded monthly, find the value of the investment after 7 years. Include your calculations in your final answer.

We can solve the problem using the formula for compound interest equation:

A = P + (1 + r/n) ^nt

Where the given values are below:

P = $16, 250

r = 0.049

n = 12 months

t = 7 mohths

P = $16,250 * (1 + 0.049/12) ^ (12*7)

P = $22,883