SOLUTION: You deposit $2000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?

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Question 1163464: You deposit $2000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?
Answer by ikleyn(52855) About Me  (Show Source):
You can put this solution on YOUR website!
.

Future value is


    FV = 2000%2A%281+%2B+0.05%2F12%29%5E%285%2A12%29 = 2566.72 dollars.    ANSWER

For details, see the lesson
    - Compounded interest percentage problems
in this site.

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