SOLUTION: Could someone explain how to solve the following problem? Please. Find the accumulated amount after 5 years if $12,000 is invested at 18% per year compounded monthly. Thank you!

Question 220784: Could someone explain how to solve the following problem?
Please.
Find the accumulated amount after 5 years if $12,000 is invested at 18% per year compounded monthly.
Thank you!!!!
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Find the accumulated amount after 5 years if $12,000 is invested at 18% per year compounded monthly.
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5 yrs = 60 months = # of periods
Interest rate/month = 0.18/12 = 0.015
FV = 12000*(1+0.015)^60
FV = 12000*2.44322
FV = $29318.64
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