How much for $100 invested in 6% interest compounded monthly be worse after 20 years

Question

asked May 26, 2023 157k views

1 Answer

Jewan · Answer 1 · 2023-05-30T14:42:41+0000

Answer:

$331.02

Explanation:

compound interest formula

A = P ( 1 + r/n)^nt

P = principal amount

r = rate decimal

n = number of times interest is compounded

t = time

A = 100 * (1 + .06/12)^(12*20)

A = 331.02