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what is the ending balance if the principle is 600, the time is 6 months, and the rate is 5%

Guest Feb 28, 2017
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what is the ending balance if the principle is 600, the time is 6 months, and the rate is 5%

 

FV = PV [1 + R]^N

FV =600 x [1 + 0.05/12]^6 - Assuming that the interest rate of 5% is compounded monthly.

FV =600 x 1.00416667^6

FV =600 x 1.025262....

FV =$615.16

Guest Feb 28, 2017

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