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OLEGan [10]
3 years ago
8

how much would $200 dollars invested at 5% interest compounded monthly versus worth after 9 years? round to the nearest cent

Mathematics
1 answer:
Natalka [10]3 years ago
4 0
\bf ~~~~~~ \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\to &\$200\\
r=rate\to 5\%\to \frac{5}{100}\to &0.05\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{monthly, thus twelve}
\end{array}\to &12\\
t=years\to &9
\end{cases}
\\\\\\
A=200\left(1+\frac{0.05}{12}\right)^{12\cdot 9}\implies A=200(1.0041\overline{66})^{108}
\\\\\\
A\approx 313.3693298833
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