In 6 years $500 @ 5% comp. monthly will be worth=$674.51
The formula you use to calculate this is: FV=PV(1 + R)^N, where FV=Future value, PV=Present value, R=Interest rate per period, N=Number of periods.
If you deposit $500 into an account paying 5% annual interest compounded monthly , how much money will be in the account after 6 years?
Result
The amount is $674.53 and the interest is $174.53
7.8m questions
10.5m answers