If $500 is deposited into a savings account at an annual interest rate of 5% that compounds monthly, what is the value of the investment after 10 years? Choose the correct choice from the following:
A) $750.00
B) $823.50
C) $973.25
D) $1000.25
E) $1100.00
ROI = 5% per annum compounded Monthly   Tenure, n = 10 years = 120 month   Principal = $500   5% per annum compounded monthly will be a little more than 5% at end of an year compounded anually = 6% per annum (approx)   in 10 years the among simple rate will increase by 60% but at coumpound rate the amount wil increase more by 60%   This question can only be solved by approximation   60% of $500 = $300   i.e. amount after 10 years will be a little more than  500+300= 
<gadget id="calculator"> 500+300</gadget>
<output>800</output>
$800   i.e. $823.50 option seems the closest possible answer   Answer: option $823.50
<result>B</result>
If $500 is deposited into a savings account at an annual interest rate of 5% that compounds monthly, what is the value of the investment after 10 years?