SOLUTION: What interest will be earned if $6500 is invested for 5 years at 10% compounded monthly? (Round your answer to the nearest cent.)

SOLUTION: What interest will be earned if $6500 is invested for 5 years at 10% compounded monthly? (Round your answer to the nearest cent.)

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Question 1070434: What interest will be earned if $6500 is invested for 5 years at 10% compounded monthly? (Round your answer to the nearest cent.)
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
A=Ao(1+(0.10/12))^60, where we divide the interest rate by the number of months per year and raise it to the number of compoundings in 5 years, 12*5, or 60.
Rounding at the end only, the answer is $10694.51
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