Question

How much would $100 invested at 6% interest compounded monthly be worth after 20 years? Round your answer to the nearest cent. A. $220.00 B. $320.71 C. $110.49 D. $331.02

Answer 1

Total = 100.00 * (1 + .06/12)^12*20
Total = 100.00 * (1.005)^240
Total = 100.00 * 3.3102044758
Total = 331.02
Answer is D