Question

How much would $200 invested at 5% interest compounded monthly be worth after 9 years? Round your answer to the nearest cent.




A. $207.63
B. $310.27
C. $363.82
D. $313.37

Answer 1

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

`A = 200(1 + (0.05)/(12))^((12)(9))`

`A = 200(1 + (1)/(240))^(108)`

`A = 200(1(1)/(240))^(108)`

`A = 200(1.56684664942)`

`A = 313.369329884`

`A = \$313.37`