Ask Question
19 January, 22:07

How much would $500 invested at 5% interested compounded monthly be worth after 6 years?

+3
Answers (2)
  1. 19 January, 22:19
    0
    In 6 years $500 @ 5% comp. monthly will be worth=$674.51

    The formula you use to calculate this is: FV=PV (1 + R) ^N, where FV=Future value, PV=Present value, R=Interest rate per period, N=Number of periods.
  2. 19 January, 22:20
    0
    If you deposit $500 into an account paying 5% annual interest compounded monthly, how much money will be in the account after 6 years?

    Result

    The amount is $674.53 and the interest is $174.53
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “How much would $500 invested at 5% interested compounded monthly be worth after 6 years? ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers