Question

Determine the amount of an investment if 5000 is invested at an interest rate of 4.5% compounded monthly for 10 years. Round your answer to the nearest whole dollar

Answer 1

Youd have 7,834.96 after ten years, I believe

Answer 2

The formula is
A=p (1+r/k)^kt
A future value?
P present value 5000
R interest rate 0.045
K compounded monthly 12
T time 10 years

A=5,000×(1+0.045÷12)^(12×10)
A=7,834.96

Hope it helps!