SOLUTION: alice invests $13,000 in an account offering 5% interest compounded monthly (12 times per year). Find the value of the account after 6 years.

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Question 475791: alice invests $13,000 in an account offering 5% interest compounded monthly (12 times per year).
Find the value of the account after 6 years.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

Note:  A= p(1+r/n) ^nt 

alice invests $13,000 in an account offering 5% interest compounded monthly 

(12 times per year). Find the value of the account after 6 years.



       A = $13,000(1 + .05/12)^72 = $17,537.23