SOLUTION: 6.) Colin invests $5,000 for 5 years at 5.25% APR. How much more would he collect at the end of the5-year period if the money invested is compounding monthly rather than compoundin
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Question 1002723: 6.) Colin invests $5,000 for 5 years at 5.25% APR. How much more would he collect at the end of the5-year period if the money invested is compounding monthly rather than compounding annually?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^{nt})
Where 
is the future value, 
is the principal invested, 
is the interest rate expressed as a decimal, 
is the number of compounding periods per year, and 
is the number of years.
^{60}\ -\ 5000\left(1.0525\right)^{5})
Do the arithmetic.
John
My calculator said it, I believe it, that settles it
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