$5000 is invested at 3.5% annual interest, compounded monthly. Determine the value of the investment after 5 years. Round your answer to two decimal places, if necessary. $5073.34 $5956.23 $5954.71 $4,666,885.30 $39,390.45
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Since there are 12 months in a year, we divide 3.5% by 12 to get approximately 0.29167%. Show more…
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