SOLUTION: 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?
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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? Answer by jorel555(1290) (Show Source):
You can put this solution on YOUR website! Your principal is $2500.
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!!!!!!!
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