Question

How much money will you have in 10 years if you invest $5000 at a 5.6% annual rate of interest compounded quarterly? How much will you have if it is

compounded monthly?
If the interest is compounded quarterly, the amount after 10 years will be
$(Simplify your answer. Round to the nearest cent.)
If the interest is compounded monthly, the amount after 10 years will be
(Simplify your answer. Round to the nearest cent.)

Answer 1

If the interest is compounded quarterly, you would have approximately $6206.00 after 10 years.

- If the interest is compounded monthly, you would have approximately $8734.00 after 10 years.