How much would $120 invested at 6% interest compounded monthly be worth after 21 years? round to the nearest cent

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asked Jan 22, 2017 204k views

1 Answer

Brian Murphy · Answer 1 · 2017-01-28T21:53:35+0000

The formula is
A=p (1+r/k)^kt
A future value?
P present value 120
R interest rate 0.06
K compounded monthly 12
T time 21 years
A=120×(1+0.06÷12)^(12×21)
A=421.72

Hope it helps!

How much would $120 invested at 6% interest compounded monthly be worth after 21 years? round to the nearest cent

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