Question 5 Find the accumulated value of an investment of $1500 for 3 years at an interest rate of 3% if the money is compounded monthly Solution Accumulate Value A=P(1+r/100)t Here compounded monthly A=P(1+r/12x100)12t Given P=1500$ r=3 t=3 A=1500(1+3/12x100)12x3 A=1500(1+1/4x100)36 A=1500(1+1/400)36 A=$2910.771.