Question

Kenji invests $3,500 at an interest rate of 3%, compounded monthly. How much is the investment worth at the end of 5 years?

Answer 1

With an interest rate of 3%, after 5 years, he'd have $27,000, if that is to be added to the original value of $3,500, Kenji's investment would be worth $30,800. So either $27,000 or $30,800.

Answer 2

3500(1 + .03/12)^12(5)
3500(1.0025)^60

The answer is:
$4,065.66 or $4,066

Hope this helps :)