Answer:
FV= $4,117.1
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $3,500
Number of periods= 5*12= 60 months
Interest rate (i)= 0.0325/12= 0.00271
To calculate the Future Value, we need to use the following formula:
FV=PV*(1+i)^n
FV= 3,500*1.00271^60
FV= $4,117.1
