How much would $100 invested at 8% interest compounded monthly be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.

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asked Jan 9, 2018 184k views

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How much would $100 invested at 8% interest compounded monthly be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.

Mathematics
high-school

Gregzo asked

by Gregzo

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1 Answer

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FV = $100*(e^rt)
FV = $100*e^(0.08*6)
FV = $100*e^0.48
FV = $100*1.616
FV = $161.6

SharkCop answered Jan 15, 2018

by SharkCop

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