Question

you deposit 10,000 in an account that pays 3% annual interest compounded monthly. How much will you have in 5 years?

Answer 1

$2,833.59

Explanation:

1 $10,000.00 $10,000.00 $511.64 $0.00 $10,511.62 $10,000.00

2 $10,000.00 $10,511.62 $537.79 $0.00 $11,049.41 $10,000.00

3 $10,000.00 $11,049.41 $565.30 $0.00 $11,614.72 $10,000.00

4 $10,000.00 $11,614.72 $594.23 $0.00 $12,208.95 $10,000.00

5 $10,000.00 $12,208.95 $624.63 $0.00 $12,833.59 $10,000.00