SOLUTION: How much would $500 invested at 6% interest compounded monthly be worth after 5 years? Round your answer to the nearest cent. Do not include units in your answer.

Question 697176: How much would $500 invested at 6% interest compounded monthly be worth after 5 years? Round your answer to the nearest cent. Do not include units in your answer.
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!

Start with the compound interest formula

Plug in , (the decimal equivalent of 6%), and .

Evaluate to get

Add to to get

Multiply and to get .

Evaluate to get .

Multiply and to get .

Round to the nearest hundredth (ie to the nearest penny).

So the answer is 674.43
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