Question 365169
If $5000 is invested at 7.8% interest compound monthly, how much would you have after 54 months?
<pre>

{{{A=P(1+r/n)^(nt)}}}

A = final amount                          <--(What we're looking for)
P = beginning abount                      <--($5000) 
r = interest rate expressed as a decimal  <--(.078)                    
n = number of times compounded per year   <--(12, since it's monthly) 
t = number of years                       <--(4.5 years, since 54÷12 = 4.5}

{{{A=5000(1+.078/12)^((12*4.5))}}}

Get a calculator.  Do it all at once, or in steps like this: 

{{{A=5000(1+.0065)^(54)}}}

{{{A=5000(1.0065)^(54)}}}

and get 7094.374044, which means

$7094.37

Edwin</pre>