SOLUTION: A sum of $2000 is invested at an annual interest rate of 5%, compounded monthly. Find the balance in the account after 6 years. (Round your answer to the nearest cent.)

Question 1115056: A sum of $2000 is invested at an annual interest rate of 5%, compounded monthly. Find the balance in the account after 6 years. (Round your answer to the nearest cent.)
Found 2 solutions by rfer, addingup:
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=2000(1+0.05/12)^(12*6)
FV=2000(1.00417)^72
FV=2000(1.34934)
FV=2698.68
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
2000(1+(0.05/12))^(12*6)
= 2000(1.3490) = 2698
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