SOLUTION: Determine the amount of an investment if $5000 is invested at an interest rate of 4.5% compounded monthly for 10 years. Round your answer to the nearest whole dollar.

SOLUTION: Determine the amount of an investment if $5000 is invested at an interest rate of 4.5% compounded monthly for 10 years. Round your answer to the nearest whole dollar.

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Question 942212: Determine the amount of an investment if $5000 is invested at an interest rate of 4.5% compounded monthly for 10 years. Round your answer to the nearest whole dollar.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
FV=5000(1+.045/12)^(10*12)
FV=5000(1.00375)^120
FV=5000(1.566993)
FV=$7835
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