SOLUTION: Find the value of $950 invested at 4.5% with interest compounded monthly for 5 years

SOLUTION: Find the value of $950 invested at 4.5% with interest compounded monthly for 5 years

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Question 149274: Find the value of $950 invested at 4.5% with interest compounded monthly for 5 years
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
P(1+.045/12)^5*12
950(1.0037)^60
950*1.248=$1,185.66 AMOUNT OF THE INVESTNMENT AFTER 5 YEARS.
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