Invest $5,000 in a savings account at 6.6% interest compounded monthly.
To calculate how much money you will have in your savings account after a certain period of time, you can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount of money
P = the principal amount (initial investment)
r = annual interest rate (in decimal form)
n = number of times the interest is compounded per year
t = number of years
In this case, you want to calculate how much money you will have after a certain period of time. Let's say you invest $5,000 at an annual interest rate of 6.6% compounded monthly for a period of time.
P = $5,000
r = 6.6% = 0.066 (since it's in decimal form)
n = 12 (compounded monthly)
Let's assume that you want to calculate the amount after 5 years (t = 5).
A = 5000 * (1 + 0.066/12)^(12*5)
To solve this equation, you can use a calculator or a spreadsheet software. By evaluating this expression, you will find the final amount of money you will have in your savings account after 5 years.