Question

You deposit $5000 in an account that pays 2% annual interest compounded monthly. How much do you have after 5 years?

Answer 1

i got `5*12*{5000 * (1.02)^1}`

Explanation:

i got {5000 * (1.02) as the amount you get at the end of 1 month, by the equation C=`p(1+r/100)^n`
so, the amount at the end of 5 years should be `5*12*5000*1.02`