SOLUTION: How much would $200 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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Question 614962: How much would $200 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.

Answer by unlockmath(1599) About Me  (Show Source):
You can put this solution on YOUR website!
Hello,
The formula to use is:
A=P(1+r/n)^nt
The key is to understand what these letters mean. I'll plug in the numbers and you'll get the idea.
A=200(1+.08/12)^12(6)
Get out your scientific calculator.
A=$322.70 (Approx)
Make sense?
RJ
www.math-unlock.com