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How much 2ould $500 invested at 6% interest compounded monthly be worth after 5years ? Round your answer to the nearest cent.

How much 2ould $500 invested at 6% interest compounded monthly be worth after 5years ? Round your answer to the nearest cent.
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How much 2ould $500 invested at 6% interest compounded monthly be worth after 5years ? Round your answer to the nearest cent.

User Karthik Karuppannan
by
9.3k points

1 Answer

6 votes
Apply the compound amount formula:

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

Here,

A = $500*(1+0.06/12)^(12*5) = $674.43 (answer)
User Lop Hu
by
7.4k points
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