Thread: Compound interest

A family invests $4000 in an account paying 6% compounded monthly. How much is in the account after 5 years?

Originally Posted by chika

A family invests $4000 in an account paying 6% compounded monthly. How much is in the account after 5 years?

F = A(1 + i)^n
F = Future value (?)
A = Amount invested (4000)
n = number of months (60)
i = interest factor (.06 / 12)

Were you given that problem without being given the formula?