Question

If you put 700 into a savings account that's earns 1% interest compound monthly how much will you have in 5 years

Answer 1

In 5 years I will have $ 1,151.71.

Explanation:

To determine, if I put 700 into a savings account that's earns 1% interest compound monthly, how much will I have in 5 years, the following calculation must be performed:

700 x (1 + 0.01 / 12) ^ 12x5 = X

700 x (1 + 0.008333) ^ 60 = X

700 x 1.64530 = X

1,151.71 = X

Therefore, in 5 years I will have $ 1,151.71.