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How much was $500 invested at 6% interest compounded monthly be worth after four years

How much was $500 invested at 6% interest compounded monthly be worth after four years
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1 vote
How much was $500 invested at 6% interest compounded monthly be worth after four years

User Lesce
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6 votes
632.5 I think is how much
User OozeMeister
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7.8k points
4 votes
Total = 500 * (1 + .06/12) ^ 12 * 4
Total = 500 * (1.005) ^ 48

Total = 500 * 1.2704891611
Total =635.24
How much was $500 invested at 6% interest compounded monthly be worth after four years-example-1
User Rudolf Dvoracek
by
7.5k points
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