SOLUTION: $1000 is invested at 5% compounded monthly. to how much money will that grow in 10 years?how much will it be if interest is compounded continously?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: $1000 is invested at 5% compounded monthly. to how much money will that grow in 10 years?how much will it be if interest is compounded continously?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 453216: $1000 is invested at 5% compounded monthly. to how much money will that grow in 10 years?how much will it be if interest is compounded continously?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=1000(1+0.05/12)^12*10
A=1000(1.00417)^120
A=1000*1.6477
A=1647.65
--------------------
A=1000(2.7183)^0.05*10
A=1000*1.6487
A=1648.73