Solved

Use the Compound Interest Formula for Compounding More Than Once

Question 202

Multiple Choice

Use the compound interest formula for compounding more than once a year to determine the accumulated balance afterthe stated period.
-$5000 deposit at an APR of 5% with monthly compounding for 6 years


A) $6745.09
B) $40,418.12
C) $5396.07
D) $5126.31

Correct Answer:

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