If $800 is deposited into a savings account at an annual interest rate of 3% that compounds monthly, what is the value of the investment after 5 years?
Choose one.
A) $950.00 B) $929.29 C) $973.25 D) $100.25 E) $110.00
Using CI Formula:   $950.00=P(1+r/n)^n*t   $950.00=800(1+3/5)^3*5   $950.00=929.29
<result>A</result>
If $800 is deposited into a savings account at an annual interest rate of 3% that compounds monthly, what is the value of the investment after 5 years?