Question 215113
An investment earns 5.6% interest, compounded monthly. Find the balance in the account after 3 years if $6000 is invested initially. 
I had A = $6000 ( 1 + 0.056/365) (1) (3) Is this right? I am lost on how to get the correct answer. I know the formula, but cannot figure out how to get the correct answer. Thanks.
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Since it's compounded monthly for 3 years, that's 36 periods.
The 5.6% is per year (it's not stated, but that's typical).
Amt = $6000*(1 + 0.056/12)^36
= $7094.85