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mr Goodwill [35]
3 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]3 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
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