How much would $120 invested at 86% interest compounded monthly to be worth after 21 years round to the nearest cent

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asked Aug 11, 2018 42.3k views

1 Answer

Will Croft · Answer 1 · 2018-08-16T13:13:32+0000

The formula is
A=p (1+r/k)^kt
A future value?
P present value 120
R interest rate 0.86
K compounded monthly 12
T time 21 year
A=120×(1+0.86÷12)^(12×21)
A=4,510,568,953.1372

How much would $120 invested at 86% interest compounded monthly to be worth after 21 years round to the nearest cent

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