Kenji invests $3,500 at an interest rate of 3%, compounded monthly. How much is the investment worth at the end of 5 years?
2 answers:
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.
3500(1 + .03/12)^12(5)$4,065.66 or $4,066
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Step-by-step explanation:
The hundred thousand place is the number that is 6 times to the right of the decimal:
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Hoped I helped :)
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