determine the interest on $5000 invested at 12% per annum compound interest for 3 years, with the interest compounded a)monthly?

determine the interest on $5000 invested at 12% per annum compound interest for 3 years, with the interest compounded a)monthly?

I.  12% per annum compound interest for 3 years:

$$\small{\text{$ \begin{array}{rcl} \$5000\cdot \left(1+\dfrac{12}{100}\right)^3\\\\ &=&\$5000\cdot 1.12^3\\\\ &=& \$7024.64 \end{array} $}}$$

II.  12% per annum with the interest compounded monthly

$$\small{\text{$ \begin{array}{rcl} \$5000\cdot \left(1+\dfrac{12}{100}\cdot \dfrac{1}{12}\right)^{36}\\\\ &=&\$5000\cdot 1.01^{36}\\\\ &=& \$7153.84 \end{array} $}}$$