New Value of account= $5000*(1+12/100)^5
= $8811.7
suppose that $5000 is invested in an account with APR of 12% compounded monthly. find the future value of the account in 5 years.
2 answers
That is the amount compounded annually.
Compounded monthly you get
5000(1+.12/12)^(12*5) = 9083.43
Compounded monthly you get
5000(1+.12/12)^(12*5) = 9083.43
0 answers