Question

Suppose that $823.25 is invested in a savings account with an APR of 12% compounded monthly. What is the future value of the account in 5 years?

Answer 1

do you know the formula for this?

Answer 2

Yes
I dont think im setting it up correctly.
Because it is a multiple choice question

Answer 3

should look like
\[823.25\times (1+\frac{.12}{12})^{12\times 5}\]

Answer 4

Thank you

Answer 5

or
\[823.25(1.01)^{60}\]

Answer 6

yw