Schmidt Byrd
07/20/2024 · Primary School
If \( \$ 5,000 \) is invested at \( 8 \% \) annual interest compounded monthly, what is the account balance after 5 years, assuming no additional deposits or withdrawals are made? \[ \begin{array}{l}\text { a.) } \$ 7,346.64 \\ \text { b.) } \$ 7,401.22 \\ \text { c.) } \$ 7,429.74 \\ \text { d.) } \$ 7,449.23\end{array} \]
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The account balance after 5 years is approximately \$7,449.23.
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