SOLUTION: If $240 is invested at an interest rate of 9% a year and is compounded monthly, how much will the investment be worth in 14 years?
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Question 856199: If $240 is invested at an interest rate of 9% a year and is compounded monthly, how much will the investment be worth in 14 years?
Found 2 solutions by Fombitz, amalm06:
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!
Answer by amalm06(224) (Show Source): You can put this solution on YOUR website!
FV=(240)[1+(0.09/12)]^(12*14]
=(240)[1+0.0075]^168
=(240)(3.5088855954842)
=$842.13 (Answer)
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