Question: $ 5 0 0 0 is put into an empty savings account with a nominal interest rate of 5 % . No other contributions are

$5000 is put into an empty savings account with a nominal interest rate of 5%. No other contributions are made to the account. With monthly compounding, approximately how much interest will have been earned after five years?
A. $1250
B. $1380
C. $1400
D. $1420

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