SOLUTION: If $5000 is invested at 7.8% interest compound monthly, how much would you have after 54 months?

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Question 365169: If $5000 is invested at 7.8% interest compound monthly, how much would you have after 54 months?
Found 2 solutions by rfer, Edwin McCravy:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=5000(1+0.078/12)^12*4.5
A=5000(1.0065)^54
A=5000*1.41887
A=7094.35

Answer by Edwin McCravy(20060) About Me  (Show Source):
You can put this solution on YOUR website!
If $5000 is invested at 7.8% interest compound monthly, how much would you have after 54 months?

A=P%281%2Br%2Fn%29%5E%28nt%29

A = final amount                          <--(What we're looking for)
P = beginning abount                      <--($5000) 
r = interest rate expressed as a decimal  <--(.078)                    
n = number of times compounded per year   <--(12, since it's monthly) 
t = number of years                       <--(4.5 years, since 54÷12 = 4.5}

A=5000%281%2B.078%2F12%29%5E%28%2812%2A4.5%29%29

Get a calculator.  Do it all at once, or in steps like this: 

A=5000%281%2B.0065%29%5E%2854%29

A=5000%281.0065%29%5E%2854%29

and get 7094.374044, which means

$7094.37

Edwin