The future value of a certain money market account with a fixed interest rate of

3.65% compounded monthly grows according to the compound interest formula. If

we were to contribute $5,000 into the account today, what would the future value

of the investment be in 15 years?

O $5,233.41

O $5,185.85

$7,743.90

son

O $8,637.45

D = $8637.45

Step-by-step explanation:

Rate = 3.65% = 0.0365

Principal = 5000

Time (t) = 15 years

N = 12 (since its compounded monthly)

Compound interest (A) = P (1 + r/n) ^nt

A = 5000 (1 + 0.0365 / 12) ^15*12

A = 5000 (1 + 0.00304) ¹⁸⁰

A = 5000 (1.00304) ¹⁸⁰

A = 5000 * 1.7269

A = 8634.86

The investment would worth $8634.86

Note: the final answer may vary slightly from the answer in the options due to ± from approximation