Question

How much would $100 invested at 8% interest compounded monthly be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.

Answer 1

FV = $100*(e^rt)
FV = $100*e^(0.08*6)
FV = $100*e^0.48
FV = $100*1.616
FV = $161.6