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Use the formula for computing future value using compound interest to determine the value of an...

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Basic Math

Use the formula for computing future value using compoundinterest to determine the value of an account at the end of 5 yearsif a principal amount of ?$5,000 is deposited in an account at anannual interest rate of 3?% and the interest is compoundedmonthly.

Answer & Explanation Solved by verified expert
4.4 Ratings (659 Votes)

FV = P * (1 + r/12)12*n

     = 5000 * (1 + 0.03/12)12*5

     = $ 5808.08 (ans)                                                                                                                                                                                                                                                     
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