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How much would $500 invested at 5% interest compunded monthly be worth after 4 years? Round amswer to nearest cent
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How much would $500 invested at 5% interest compunded monthly be worth after 4 years? Round amswer to nearest cent

User IxDay
by
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1 Answer

5 votes
The formula is
A=p (1+r/k)^kn
A future value?
P present value 500
R interest rate 0.05
N time 4 years
K compounded monthly 12

A=500×(1+0.05÷12)^(12×4)
A=610.45
User MRu
by
7.7k points
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