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10. You deposit $520 in an account with 4% interest compound monthly. What is the balance in the account after 5 years?

10. You deposit $520 in an account with 4% interest compound monthly. What is the balance in the account after 5 years?
asked 18.5k views
4 votes
10. You deposit $520 in an account with 4% interest compound monthly. What is the balance in the account after 5 years?

asked
User Peter McNab
by
7.8k points

1 Answer

2 votes
520(1 + 0.04/12)^50
= $634.92
answered
User Digvijay
by
8.1k points
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