Investing $12,000 in a savings account at 6% annual interest compounded monthly will result in approximately how much money after 5 years?

Compound Interest =

where P - Principal

           r - rate of interest

           n - number of years

So, for 5 years, at 6% rate of interest, for the principal 12,000, the compount interest will be

= 24000

Amount = Principal + C.I.

              = 12000 + 24000

              = 36000

Hence, after 5 years, the amount will be $36,000 approximately.

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step-by-step explanation:

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