# SOLUTION: Suppose \$500 is invested at 6.5% interest, compounded monthly. How much is the investment worth after 10 years? Round to the nearest cent.

Algebra ->  Algebra  -> Exponential-and-logarithmic-functions -> SOLUTION: Suppose \$500 is invested at 6.5% interest, compounded monthly. How much is the investment worth after 10 years? Round to the nearest cent.      Log On

 Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations! Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help!

 Algebra: Exponent and logarithm as functions of power Solvers Lessons Answers archive Quiz In Depth

 Question 62743: Suppose \$500 is invested at 6.5% interest, compounded monthly. How much is the investment worth after 10 years? Round to the nearest cent.Answer by joyofmath(189)   (Show Source): You can put this solution on YOUR website!Suppose \$500 is invested at 6.5% interest, compounded monthly. How much is the investment worth after 10 years? Round to the nearest cent. 6.5% per year = 6.5%/12 = .54166666666% = .00541666666 per month. 10 years of investment = 10*12 = 120 months. So, the formula we use is Value after 10 years = We use a calculator and get = .