Question

Can someone help me please

You deposit $6000 in an account earning 7% interest compounded monthly. How much will you have in the account in 5 years?

$

Answer 1

Explanation:

FV = PV ( 1 + i)^n FV = future value ....what you are looking for

PV = present value = $ 6000

i = decimal periodic interest = .07/12

n = periods = 5 yr * 12 monts/yr = 60 periods

FV = $ 6000 ( 1 + .07/12)^60 = $ 8505.75