Here is the question 6 You deposit You deposit 1950 in an in

Here is the question

6. You deposit... You deposit $1,950 in an investment account with an interest rate of 6%, compounded monthly, what is the future value of this deposit after 5 years? $2,630.26 $2,498.74 $3,208.91 $2,130.51

Solution

PV = 1950, rate = 6%/12, N = 60, PMT = 0

use FV function in Excel

future value = 2630.26