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If $5000 is invested at 7.8% interest compounded monthly, how much would you have after 54 months?

If $5000 is invested at 7.8% interest compounded monthly, how much would you have after 54 months?
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4 votes
If $5000 is invested at 7.8% interest compounded monthly, how much would you have after 54 months?

User Psijic
by
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1 Answer

5 votes

5000 x (1+0.078/12)^54

5000 x (1.0065)^54

$7094.37

User Louay Hamada
by
7.7k points
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