Question

How much would $500 invested at 6% interest compounded monthly be
worth after 5 years? Round your answer to the nearest cent.
int
A09) P(124
A. $512.63
B. $669.11
C. $674.43
D. $886.41

Answer 1

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