document.write( "Question 1036693: if you invest $2500 and you receive yearly returns of 4.7% that is compounded monthly (12 times every year), then how much money will you have after 5 years? \n" ); document.write( "
Algebra.Com's Answer #651489 by jorel555(1290)![]() ![]() ![]() You can put this solution on YOUR website! Your principal is $2500. \n" ); document.write( "You receive yearly returns of 4.7%, compounded monthly. Your effective monthly rate is .3916667 interest per month. Over a period of 60 months, this amounts to 26.432829619% interest. Adding this to your principal gives you $3160.82 total in your account!!!!!!! \n" ); document.write( " |