3 years ago

You deposit $5000 in an account earning 3% interest compounded monthly. How much will you have in the account in five years?

Mathematics

1 answer:

rusak2 [61]3 years ago

7 0

Answer:

$5808.08

Step-by-step explanation:

The formula for calculating future value:

FV = P (1 + r/m)^mn

FV = Future value

P = amount deposited = $5000

R = interest rate = 0.03

N = number of years = 5

m = number of compounding = 12

5000 x (1 + 0.03/12)^60 = $5,808.08

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