Invest $5,000 in a savings account at 6.6% interest compounded monthly
I am assuming this investment is
for 1 year.
Pt = Po*(r+1)^n
r = MPR = Monthly percentage rate
= (6.6/12)/100 = 0.0055.
n = 12 = the number of compounding
periods.
Pt = 5000*(1.0055)^12 = 5340.17 after
1 year.