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mihalych1998 [28]
3 years ago
7

How much would $500 invested at 6% interest compounded monthly be

Mathematics
1 answer:
olchik [2.2K]3 years ago
6 0

Answer:

$669

Step-by-step explanation:

Given data

Principal= $500

Rate= 6%

Time= 5 years

The compound interest formula is given as

A= P(1+r)^t

A=500(1+0.06)^5

A=500(1.06)^5

A=500*1.338

A=$669

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