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Question 6 of 10
How much would $500 invested at 6% interest compounded monthly be
worth after 5 years? Round your answer to the nearest cen
(0) - P(144
A $674,43
B. $886,41
C, 5669.11
D. $512,68

Respuesta :

sqdancefan

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Answer:

  A.  $674.43

Step-by-step explanation:

The account balance is given by ...

  A = P(1 +r/12)^(12t) . . . . . principal P invested at annual rate r for t years

  A = $500(1 +0.06/12)^(12·5) = $500(1.005^60)

  A ≈ $674.43