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If 240 is invested at an interest rate of 9% per year and is compounded monthly, how much will the investment be worth in 14 years?

Solution

If 240 is invested at an interest rate of 9% per year and is compounded monthly, how much will the investment be worth in 14 years?

Solution

Amount : 842.13

Solution steps

Translate the problem into an equation:

A = 240 (1 + \frac{0.09}{12})^{12 \cdot 14}

240 (1 + \frac{0.09}{12})^{12 \cdot 14} = 842.13254 \dots

Round to the nearest hundredth:

842.13

Amount : 842.13

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