Question

How much for $100 invested in 6% interest compounded monthly be worse after 20 years

Answer 1

$331.02

Explanation:

compound interest formula

A = P ( 1 + r/n)^nt

P = principal amount

r = rate decimal

n = number of times interest is compounded

t = time

A = 100 * (1 + .06/12)^(12*20)

A = 331.02