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2 votes
if $11,100 is invested at 3.1% interest compounded monthly, how much will the investment be worth in 19 years?

2 Answers

6 votes
A=p(1+i/m)^mn
A=11,100×(1+0.031÷12)^(12×19)
A=19,989.07
User Diemo
by
7.3k points
3 votes

Answer:

In 19 years, the investment will be worth $19973.34

Explanation:

The compound interest formula is :


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

p = 11100

r = 3.1% or 0.031

t = 19

n = 12 (compounded monthly)

Now, putting these values in the formula we get;


A=11100(1+(0.031)/(12))^(12*19)

=>
A=11100(1.00258)^(228)

A = $19973.34

User Joel Raju
by
8.3k points

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