SOLUTION: 500 invested at 7% for 5 years compounded monthly

SOLUTION: 500 invested at 7% for 5 years compounded monthly

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Question 322554: 500 invested at 7% for 5 years compounded monthly
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
500 invested at 7% for 5 years compounded monthly
A= P(1+r/12)^5
A = accrued amount after 5 years
p= principal
r = rate of interest
..
A=500(1+0.05/12)^12*5
A=708.81
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