Invests $2000 at 3% annual interest rate for 5 years, compounded monthly

about $2323.23

Step-by-step explanation:

Your formula is  A=P(1+r/n)^nt

A is what you're looking for, the amount

P is the principal, the amount you're putting in and thats $2000

r is the rate, 3% as a decimal: .03

n is the amount of times per year and there are 12 months in a year

t is how many years: 5 years

A=2000(1+.03/12)^12x5   ( you can plug that whole thing into your calculator)

A=2000(1.0025)^60

A= $2323.23

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