SOLUTION: Find the amount if $100 is invested at 10% compounded monthly for 11 months. Amount=

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Question 1035046: Find the amount if $100 is invested at 10% compounded monthly for 11 months.
Amount=
Answer by Theo(13342) About Me  (Show Source):
You can put this solution on YOUR website!
f = p * (1+r)^n

f is the future value
p is the present value
r is the interest rate per time period
n is the number of time periods.

your time periods are months.

rate = percent / 100.
10% = .1
.1 interest rate per year is equal to .1/12 interest rate per month.

formula of f = p * (1+r)^n becomes:
f = 100 * (1 + .1/12)^11 which becomes:
f = 109.5583207.