Question 609924: What is the amount in an account after 5 years if $6000 is invested at 4% annual interest if interest is compounded monthly? Answer by ewatrrr(24785) (Show Source):
Hi
$6000 is invested 5 years at 4% annual interest,compounded monthly
In General
A = Accumulated Amount
P= principal = $6000
r= annual rate = .04
n= periods per year = 12
t= years = 5
A = = $7181.37
