Determine the amount of an investment if $100 is invested at an interest
rate of 5% compounded monthly for 5 years. Round your answer to the
nearest whole dollar. *

$128.34

Step-by-step explanation:

We will use the compound interest formula to solve this problem:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, lets change 5% into its decimal form:

5% -> -> 0.05

Since the interest is compounded monthly, we will use 12 for n. Lets plug in the values now:

The amount of the investment after 5 years would be $128.34

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