How much would 120 invested at 6 percent interest compunded monthly be worth after 21 years? Round your answer to the nearest cent

Question

asked Feb 16, 2024 10.4k views

1 Answer

Jenix · Answer 1 · 2024-02-21T11:58:18+0000

Answer:

The formula is

A=p (1+r/k)^kt

A future value?

P present value 120

R interest rate 0.06

K compounded monthly 12

T time 21 years

A=120×(1+0.06÷12)^(12×21)

A=421.72

Explanation:

Hope it helps!