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

asked May 7, 2019 214k views

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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)

Lop Hu answered May 11, 2019

5.7k points

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