PRE CAL MATH HELP PLEASE

Question

An investment of $5000 is deposited into an account in which interest is compounded monthly. Complete the table by filling in the amounts to which the investment grows at the indicated times. (Round your answers to the nearest cent.)
r = 7%
Time
1

2

3

4

5

6

Answer 1

5000(1+.07/12)^12 for 1 year

use a calculator

5000(1+.07/12)^24 for 2 years

5000(1+.07/12)^36 for 3 years

...

5000(`+.07/12)^72 for 6 years

=about 5000(1.520105142)

=about $7,600.53

general formula is

A=P(1+r/n)^nt

where P equals investment, A= ending Amount at

r= interest rate

n=number of compounding periods per year

t = number of years