SOLUTION: IS MY ANSWER CORRECT TUTORS ? You deposit $4000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years? Use n=12 for monthly

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Question 1059613: IS MY ANSWER CORRECT TUTORS ?
You deposit $4000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?
Use n=12 for monthly compounding,n=4 for quarterly compounding,n=2 for semiannual compounding, and n=1 for annual compounding.)


4000 * [1 + (.05 / 12)]^(5 * 12)
=5133.434714
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
it's correct to the nearest micro-cent.