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3 votes
How much would $300 invested at 9% interest compounded monthly be worth after 3 years?

User Mkaj
by
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1 Answer

3 votes

Answer:

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

F=future amount

P=present amount

r=rate in decimal form

n=number of times per year it is compounded

t=time in years




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

F=future amount

P=300

r=0.09

n=1

t=3


F=300(1+(0.09/1))^(1(3))

F=300(1+0.09)^(3)

F=300(1.09)^(3)

F=388.509


it would be worth $388.51 (rounded)



User Marinos
by
8.2k points

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