SOLUTION: if you invest $2500 and you receive yearly returns of 4.7% that is compounded monthly (12 times every year), then how much money will you have after 5 years?

Question 1036693: if you invest $2500 and you receive yearly returns of 4.7% that is compounded monthly (12 times every year), then how much money will you have after 5 years?
Answer by jorel555(1290) (Show Source): You can put this solution on YOUR website!
Your principal is $2500.
You receive yearly returns of 4.7%, compounded monthly. Your effective monthly rate is .3916667 interest per month. Over a period of 60 months, this amounts to 26.432829619% interest. Adding this to your principal gives you $3160.82 total in your account!!!!!!!
RELATED QUESTIONS
You invest $10 000 for 9 years at 12%p.a, how much money will you get back if interest is (answered by Theo)

Question 1 (15 marks) a) Asset X generates a perpetual stream of cash flows of $100,000... (answered by ikleyn)

suppose you invest $100 at 7% annual interest. Calculate the amount that you would have... (answered by Nate)

Use formulas: S = P*(1+r/12^12t-1) / (r/12) S stands for the accumulated savings when... (answered by Paul)

My teacher didn't give me any formulas for these things.. please help me!! T~T 1. You (answered by KMST)

Suppose that your long lost relative recently left you an inheritance of $300,000. You... (answered by Theo)

You invest $ 5000 in Acme Inc. on January 1, 2000. Your investment returns 2.75 %... (answered by mananth)

I think I got this one figured out but again a pair of expert eyes would be great... (answered by venugopalramana)

If I use this formula a=p(1+i/n)nt How do i caluclate the amount of money that will be (answered by Paul)