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You invest 5, 000 into an account that is compounded at 4% monthly. How much money will be in the account after 5 years?

Solution

You invest 5, 000 into an account that is compounded at 4% monthly. How much money will be in the account after 5 years?

Solution

Amount : 6104.98

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{12})^{12 \cdot 5}

5000 (1 + \frac{0.04}{12})^{12 \cdot 5} = 6104.98296 \dots

Round to the nearest hundredth:

6104.98

Amount : 6104.98

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