SOLUTION: If $10,000 is invested at 2 percent monthly for 5 years, what is the amount at the end of the term?

Question 747229: If $10,000 is invested at 2 percent monthly for 5 years, what is the amount at the end of the term?
Found 2 solutions by Alan3354, FrankM:
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
If $10,000 is invested at 2 percent monthly for 5 years, what is the amount at the end of the term?
-----------------
FV = PV*(1 + r)^t
r = 2% = 0.02 per month
t = 60 months
----
FV = 10000*(1.02)^60
FV = $32810.38

Answer by FrankM(1040) (Show Source): You can put this solution on YOUR website!

5 years is 60 months. This question asks to compound interest of 2% for 60 periods.
RELATED QUESTIONS
Use the compound interest formula A = P * (1 + r/n) ^ (nt) If $10,000 is invested at 2... (answered by ewatrrr)
f $10,000 is invested at 2 percent semi-annually for 5 years, what is the amount at the... (answered by Alan3354)
If money is invested at r percent interest, compounded annually, the amount of the... (answered by Theo)
If $10,000 is invested at a rate of 2 percent for 5 years, how much money is in the... (answered by harpazo)
What payment is required at the end of each month for 10 years to repay a $200,000... (answered by Theo)
If 6400 dollars is invested at an interest rate of 5 percent per year, find the value of... (answered by solver91311)
If $10,000 is invested at a rate of 2.5 percent for 5 years, how much money is in the... (answered by Fombitz)
f $10,000 is invested at a rate of 2 percent for 5 years, how much money is in the... (answered by rfer)
If 27200 dollars is invested at an interest rate of 10 percent per year, find the value... (answered by Boreal)