An investor buys a product that promises to pay an annual rate of return of 7.9%, but with monthly compounding. The investor wants to project their ending balance if the invest $100,000 today and also add $1,000 each month for the next 5 years. Assuming the investor earns 7.9% per year (compounded monthly), what is the value of the investment in five years?

An investor buys a product that promises to pay an annual rate of return of 7.9%, but with monthly compounding. The investor wants to project their ending balance if the invest $100,000 today and also add $1,000 each month for the next 5 years. Assuming the investor earns 7.9% per year (compounded monthly), what is the value of the investment in five years?

$216,513

$221,532

$206,617

$198,044

$74,961