SOLUTION: How much money would you have if $1350 is invested for 5 years at 2.25%, compounded monthly?

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Question 1072340: How much money would you have if $1350 is invested for 5 years at 2.25%, compounded monthly?
Found 2 solutions by Fombitz, jorel1380:
Answer by Fombitz(32388) About Me  (Show Source):
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
The money is compounded monthly,yielding an effective interest rate of 2.25/12, or .1875%/month. 5 years is 60 months, so your yield y is:
y=1350 x (1.001875)^60
y=1350 x 1.1189543832958069630567124595686
y=$1510.59 ☺☺☺☺