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How much would $100 invested at 8% interest compounded monthly be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.

How much would $100 invested at 8% interest compounded monthly be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.
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How much would $100 invested at 8% interest compounded monthly be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.

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User Gregzo
by
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1 Answer

0 votes
FV = $100*(e^rt)
FV = $100*e^(0.08*6)
FV = $100*e^0.48
FV = $100*1.616
FV = $161.6
answered
User SharkCop
by
8.6k points
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