Answered

How much would $200 invested at 5% interest compounded monthly be worth after 9 years? Round your answer to the nearest cent.




A$207.63
B$310.27
C$363.82
D$313.37

Verified Answer :

Panoyin

\(A = P(1 + \frac{r}{n})^{nt}\)
\(A = 200(1 + \frac{0.05}{12})^{(12)(9)}\)
\(A = 200(1 + \frac{1}{240})^{108}\)
\(A = 200(1\frac{1}{240})^{108}\)
\(A = 200(1.56684664942)\)
\(A = 313.369329884\)
\(A = \$313.37\)

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