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How much would $500 invested at 6% interest compounded monthly be worth after 5 years? Round your answer to the nearest cent. A(t) = P (1+r/n)nt
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How much would $500 invested at 6% interest compounded monthly be

worth after 5 years? Round your answer to the nearest cent.

A(t) = P (1+r/n)nt

User Ajin
by
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1 Answer

5 votes
The interest: $1080.00

If you borrowed the money, you would now owe $1580.00

If you loaned someone the money, you would now be due $1580.00.

Hopefully this helps!
User Viktor Karpyuk
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