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Lesechka [4]
3 years ago
5

How much would $500 invested at 5% interested compounded monthly be worth after 6 years?

Mathematics
2 answers:
Nataly_w [17]3 years ago
4 0

In 6 years $500 @ 5% comp. monthly will be worth=$674.51

The formula you use to calculate this is: FV=PV(1 + R)^N, where FV=Future value, PV=Present value, R=Interest rate per period, N=Number of periods.


Andreas93 [3]3 years ago
3 0

If you deposit $500 into an account paying 5% annual interest compounded monthly , how much money will be in the account after 6 years?

Result

The amount is <span>$674.53 </span>and the interest is $174.53

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Step-by-step explanation:

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