if $240 is invested at an interest rate of 9% per year and is compounded monthly, how much will the investment be worth in 14 ye

Question

mr Goodwill [35]

2 years ago

5

if $240 is invested at an interest rate of 9% per year and is compounded monthly, how much will the investment be worth in 14 ye

ars?

Mathematics

1 answer:

mote1985 [20] · Answer 1 · 2022-07-20T16:14:51+03:00

mote1985 [20]2 years ago

3 0

The formula is
A=p (1+r/k)^kt
A future value?
P present value 240
R interest rate 0.09
K compounded monthly 12
T time 14 years
A=240×(1+0.09÷12)^(12×14)
A=842.13