SOLUTION: $1000 is invested at 5% compounded monthly. to how much money will that grow in 10 years?how much will it be if interest is compounded continously?

SOLUTION: $1000 is invested at 5% compounded monthly. to how much money will that grow in 10 years?how much will it be if interest is compounded continously?

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Question 453216: $1000 is invested at 5% compounded monthly. to how much money will that grow in 10 years?how much will it be if interest is compounded continously?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=1000(1+0.05/12)^12*10
A=1000(1.00417)^120
A=1000*1.6477
A=1647.65
--------------------
A=1000(2.7183)^0.05*10
A=1000*1.6487
A=1648.73
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