Question

You have decided to start saving for a college and open up a 529 account. You invest $5,000 into the account at a 3% interest rate compounded monthly. How much money will you have after 6 years?

Answer 1

Not $5,970.26

Edit: Probably $5,984.26 as I thought I had this right, but I put $5,970.26 and it turned out to be wrong. I wish I could delete this answer but since I can't I'll leave this here.

Explanation:
The formula and answer are on the image. (Wrong and I don't know why)

Answer 2

My answer is in the photo above