Example $6\mathrm{.}1\mathrm{.}3$: Calculating Future Value for Compound Interest

Lilly deposits $$12,000$ into an account with an annual interest rate of $1\mathrm{.}05\%$ compounded monthly. If she leaves the money in the account for $10$ years, what will the future value be at the end of this time period? Round to the nearest cent.

Solution