If an amount of $5,000 is deposited into a savings account at an annual interest rate of 5%, compounded monthly, what is the value of the investment after 10 years?

$8,240

Step-by-step explanation:

We are given that,

Principle amount in the savings account, P = $5,000.

Rate of interest, r = 5% = 0.05

Time period, t = 10

Also, the interest is compounded monthly, n = 12

As, we now that the value of the investment is given by

Thus, we have,

Investment Value =

i.e. Investment Value =

i.e. Investment Value =

i.e. Investment Value =

i.e. Investment Value = $8,240

Hence, the investment amount after 10 years is $8,240.

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