Question

Hiram Callaway deposits $2,350 in an account that earns interest at 3.2% APR compounded monthly. What is his ending balance after five years?

Answer 1

Formula

\[\Large F = P*\left(1+\frac{r}{n}\right)^{n*t}\]

F = final value
P = present value
r = interest rate as a percentage
n = number of times money is compounded per year
t = number of years

Answer 2

Your problem would be \[F = 2350(1+\frac{ 0.032 }{ 12})^{12*5}\] I believe

Answer 3

Total = 2,350 * (1+ [.032/12]) ^ 60
Total = 2,350 * (1.0026666667)^60
Total = 2,350 * 1.1732609928
Total = 2,757.16
and a calculator to check that answer:
http://www.1728.org/compint.htm