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?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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) About Me  (Show Source):
Answer by amalm06(224) About Me  (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)