saquarahwp8vzrk saquarahwp8vzrk
  • 06-06-2018
  • Mathematics
contestada

How much 2ould $500 invested at 6% interest compounded monthly be worth after 5years ? Round your answer to the nearest cent.

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altavistard
altavistard altavistard
  • 13-06-2018
Apply the compound amount formula:

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

Here,

A = $500*(1+0.06/12)^(12*5) = $674.43  (answer)
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