Monthly Compounded Interest
Mark deposited $5000 into a bank account on his daughter's 8th birthday to help fund her college education. If the account earns a fixed annual interest rate of 1.2% compounded monthly, what will be the account balance on his daughter's 18th birthday?
A
$5523.11
B
$5525.62
C
$5633.46
D
$5637.15