An amount of $1,000.00 is deposited in a bank paying an annual interest rate of 2.5%, compounded monthly. What is the balance after 6 years?
FV=PV[1 + R]^N
FV=1.000[1+.025/12]^6*12
FV=$1,161.65
1000 [ 1 + .025/12] ^ (6 * 12) = $1161.65
