SOLUTION: $500 is placed in a savings account with an annual interest rate of 2.5%. What is the amount of the investment in 5 years if compounding occurs monthly?
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Question 1031543: $500 is placed in a savings account with an annual interest rate of 2.5%. What is the amount of the investment in 5 years if compounding occurs monthly?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=500(1+0.025/12)^(12*5)
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