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Calculate the amount in an account that earns 4.25% apr, compound monthly, for 5 years if you invest $10,000

Calculate the amount in an account that earns 4.25% apr, compound monthly, for 5 years if you invest $10,000
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5 votes
calculate the amount in an account that earns 4.25% apr, compound monthly, for 5 years if you invest $10,000

User Iuristona
by
8.6k points

1 Answer

4 votes
FV = P(1+r)^n
FV = 10000(1+0.0425/12)^5*12
FV = 10000(1.003541666...)^60
FV = $12363.019
User Aaroncatlin
by
9.4k points
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