How much would $500 invested at 5% interest compunded monthly be worth after 4 years? Round amswer to nearest cent
1 answer:
The formula is
A=p (1+r/k)^kn
A future value?
P present value 500
R interest rate 0.05
N time 4 years
K compounded monthly 12
A=500×(1+0.05÷12)^(12×4)
A=610.45
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