You can put this solution on YOUR website! To solve this question, you would use the following formula.
Your inputs would be as follows:
P = initial principal = $100 (per the question)
I = compounding rate; adjusting the given rate to a monthly figure, per the compounding frequency ; 1% or .01
N = number of compounding periods
Since the account compounds monthly, this is straightfoward. How many months are there in 20 years?
And finally, we can solve for X = future value = amount there will be in the account after 20 years. And the calculator says...
X = $1,089.26
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