Question 606849
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Hi,
$1500 is invested at a rate of 3% compounded monthly.
find the balance after 5 years.
Note:  In General: {{{A = P(1+r/m)^mt}}}
A = Accumulated Amount
P= principal = $1500
r= annual rate = .03
m= periods per year = 12
t= years = 5
 {{{A = 1500(1+.03/12)^60}}}
  {{{A = 1500(1.0025)^60}}}
  A = $1742.43