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06-06-2018
Mathematics

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How much 2ould $500 invested at 6% interest compounded monthly be worth after 5years ? Round your answer to the nearest cent.

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altavistard altavistard

13-06-2018

Apply the compound amount formula:

A = P(1+r/n)^(nt)

Here,

A = $500*(1+0.06/12)^(12*5) = $674.43 (answer)

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