document.write( "Question 1070434: What interest will be earned if $6500 is invested for 5 years at 10% compounded monthly? (Round your answer to the nearest cent.) \n" ); document.write( "

Algebra.Com's Answer #685534 by Boreal(15235) $\"\"$ $\"About$

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A=Ao(1+(0.10/12))^60, where we divide the interest rate by the number of months per year and raise it to the number of compoundings in 5 years, 12*5, or 60.
\n" ); document.write( "Rounding at the end only, the answer is $10694.51 \n" ); document.write( "

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