Answer:
the Future value is $1,753.51
Explanation:
The computation of the future value is shown below;
Future value = Principal × (1 + rate of interest)^number of years
where,
Intersest rate per month = 6% ÷12 = 0.5%
And, the number of months is = 5 × 12 = 60
So,
= $1,300 × (1 + 0.005)^60
= $1,300 × (1.005)^60
= $1,300 × (1.3489)
= $1,753.51
Hence, the Future value is $1,753.51
