Question

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 years?

Answer 1

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