Answer:
$10054.69
Step-by-step explanation:
If the interest rate is 5% APR and monthly compounded, then the monthly interest rate is [tex]\frac{5}{12} = 0.4167\%[/tex].
Now, if the sum is invested for 14 years with a monthly compound, then the principal is compounded for (14 × 12) = 168 times.
Now, using the formula of compound interest, the principal of $5000 will give the sum of
[tex]5000(1 + \frac{0.4167}{100})^{168} = 10054.69[/tex] dollars. (Answer)
