How much would $500 invested at 5 after 4 years


Asked by maham237 @ in Mathematics viewed by 304 People


How much would $500 invested at 5% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent.

Answered by maham237 @



Amount = Principal * (1 + rate/number of compounds)^(number of compounds * number of years) = 500*(1+0.05/12)^(4*12) = 610.45

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