Answer:
FV= $819.03
Step-by-step explanation:
Giving the following information:
Initial investment= $600
Number of periods= 5*12= 60 months
Interest rate= 0.062/12= 0.0052
To calculate the future value of the investment, we need to use the following formula:
FV= PV*(1+i)^n
FV= 600*(1.0052^60)
FV= $819.03
