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How much would 200 invested at 5% interest compounded monthly be worse after 9 years? round your answer to the nearest cent

How much would 200 invested at 5% interest compounded monthly be worse after 9 years? round your answer to the nearest cent
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How much would 200 invested at 5% interest compounded monthly be worse after 9 years? round your answer to the nearest cent

User Geshan
by
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1 Answer

4 votes
The formula is
A=p (1+r/k)^kt
A future value?
P present value 200
R interest rate 0.05
K compounded monthly 12
T time 9 years
A=200×(1+0.05÷12)^(12×9)
A=313.37
User Johankj
by
8.0k points
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