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A bank is offering an annual interest rate of 4% compounded monthly. You decide to invest $5,000 into the bank when you start college. After 5 years you graduate and decide to p…

A bank is offering an annual interest rate of 4% compounded monthly. You decide to invest $5,000 into the bank when you start college. After 5 years you graduate and decide to p…
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3 votes
A bank is offering an annual interest rate of 4% compounded monthly. You decide to invest $5,000 into the bank when you start college. After 5 years you graduate and decide to pull the money out of the bank. How much money would be in the account?

User Cfstras
by
8.0k points

1 Answer

3 votes

Answer:

1000

Explanation:

l=PRT/100

I=5000*4*5/100

I=1000

User Jack Satriano
by
7.8k points
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