SOLUTION: Melanie invests $7800 in a new savings account which earns 3.7% annual interest, compounded monthly. What will be the value of her investment after 5 years? Round to the nearest

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: Melanie invests $7800 in a new savings account which earns 3.7% annual interest, compounded monthly. What will be the value of her investment after 5 years? Round to the nearest       Log On


   

Question 1140510: Melanie invests $7800 in a new savings account which earns 3.7% annual interest, compounded monthly. What will be the value of her investment after 5 years? Round to the nearest cent.
Answer by ikleyn(52754) About Me  (Show Source):
You can put this solution on YOUR website!
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Future value  FV = 7800%2A%281%2B0.037%2F12%29%5E%285%2A12%29 = 9382.43 dollars.