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How much would $500 invested at 6% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent. ACO) - P(1)

How much would $500 invested at 6% interest compounded monthly be worth after 4 years? Round your answer to the nearest cent. ACO) - P(1)
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How much would $500 invested at 6% interest compounded monthly be

worth after 4 years? Round your answer to the nearest cent.
ACO) - P(1)

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User Kas Hunt
by
8.3k points

1 Answer

5 votes
The answer is $4,320 because you would multiply 500 by 0.06 to get 30. Then since that monthly you would multiply that by 12. Then since it’s over 4 years the final answer is $4,320.
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User Gunjan Aggarwal
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