SOLUTION: If $7000 is invested at an interest rate of 3.75% per year, find the amount (to the nearest cents) of the investment at the end of 5 years compounding monthly.

Question 1155521: If $7000 is invested at an interest rate of 3.75% per year, find the amount (to the nearest cents) of the investment at the end of 5 years compounding monthly.

Found 2 solutions by josgarithmetic, ikleyn:
Answer by josgarithmetic(39617)   (Show Source): You can put this solution on YOUR website!
MONTHLY interest rate is .

QUANTITY of compounding periods is .

The ending balance, .
Answer by ikleyn(52786)   (Show Source): You can put this solution on YOUR website!
.

It is = 8441.14 dollars. ANSWER

For all details and explanations, look into these two lessons
    - Compound interest percentage problems
    - Problems on discretely compound accounts
in this site, and learn the subject from there.

After reading these lessons, you will tackle such problems on your own without asking for help from outside.

Also, you have this free of charge online textbook in ALGEBRA-I in this site
    - ALGEBRA-I - YOUR ONLINE TEXTBOOK.

The referred lessons are the part of this online textbook under the topic "Logarithms".

Save the link to this online textbook together with its description

Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson

to your archive and use it when it is needed.

Happy learning (!)

RELATED QUESTIONS
If $7000 is invested at an interest rate of 6.5% per year, compounded monthly, how long... (answered by Alan3354)
if $1,000 is invested at an interest rate of 10% per year, compounded monthly, find the... (answered by greenestamps)
if $8,000 is invested at an interest rate of 7% per year, compounded comtinuously, find... (answered by ikleyn)
If 7000 dollars is invested at an interest rate of 9 percent per year, find the value of... (answered by addingup,MathTherapy)
If 15,000 is invested at an interest rate of 11% per year, find the amount of the... (answered by rfer)
Find the amount of money in an account after 3 years if a principle of $7000 was... (answered by jorel1380)
If 27200 dollars is invested at an interest rate of 10 percent per year, find the value... (answered by Boreal)
If 28300 dollars is invested at an interest rate of 9 percent per year, find the value of (answered by math_tutor2020,ikleyn)
If 14,100 dollars is invested at an interest rate of 7 percent per year, find the value... (answered by ikleyn)