3 years ago

How much would $200 invested at 7% interest compounded monthly worth after 5 years

Mathematics

2 answers:

Tpy6a [65]3 years ago

7 0

9514 1404 393

Answer:

$283.53

Step-by-step explanation:

The compound interest formula is useful.

A = P(1 +r/12)^(12t)

gives the amount A when principal P is invested at annual rate r compounded monthly for t years.

Using your values, this is ...

A = $200(1 +0.07/12)^(12·5) ≈ $283.53

The investment would be worth $283.53 after 5 years.

shusha [124]3 years ago

7 0

Answer:

$280.51

Step-by-step explanation:

just took this

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How much would $200 invested at 7% interest compounded monthly worth after 5 years​

How much would $200 invested at 7% interest compounded monthly worth after 5 years