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

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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) About Me  (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?
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FV = PV*(1 + r)^t
r = 2% = 0.02 per month
t = 60 months
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FV = 10000*(1.02)^60
FV = $32810.38

Answer by FrankM(1040) About Me  (Show Source):
You can put this solution on YOUR website!
10000+x+1.02%5E60+=+32810.31

5 years is 60 months. This question asks to compound interest of 2% for 60 periods.