determine the interest on $5000 invested at 12% per annum compound interest for 3 years, with the interest compounded a)monthly?

determine the interest on $5000 invested at 12% per annum compound interest for 3 years, with the interest compounded a)monthly?

I.  12% per annum compound interest for 3 years:

$$\small{\text{$
\begin{array}{rcl}
\$5000\cdot \left(1+\dfrac{12}{100}\right)^3\\\\
&=&\$5000\cdot 1.12^3\\\\
&=& \$7024.64
\end{array}
$}}$$

II.  12% per annum with the interest compounded monthly

$$\small{\text{$
\begin{array}{rcl}
\$5000\cdot \left(1+\dfrac{12}{100}\cdot \dfrac{1}{12}\right)^{36}\\\\
&=&\$5000\cdot 1.01^{36}\\\\
&=& \$7153.84
\end{array}
$}}$$