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How much would $500 invested at 5% interest compounded monthly be worth after 4 years? round your answer to the nearest cent.

How much would $500 invested at 5% interest compounded monthly be worth after 4 years? round your answer to the nearest cent.
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1 vote
how much would $500 invested at 5% interest compounded monthly be worth after 4 years? round your answer to the nearest cent.

User Abdelrahman Wahdan
by
7.9k points

1 Answer

6 votes

Answer:

500*(1+0.05/12)^(4*12) = 610.45

User Foluis
by
8.6k points
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