Homework Help: Math

Posted by Abb on Sunday, July 8, 2012 at 12:58am.

suppose that $5000 is invested in an account with APR of 12% compounded monthly. find the future value of the account in 5 years.

Math - Gaurav, Sunday, July 8, 2012 at 1:06am
New Value of account= $5000*(1+12/100)^5
= $8811.7
Math - Steve, Sunday, July 8, 2012 at 6:19am
That is the amount compounded annually.
Compounded monthly you get

5000(1+.12/12)^(12*5) = 9083.43

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