Question

If $240 is invested at an interest rate of 9% per year and is compounded monthly, how much will the investment be worth in 14 years? I keep getting 64 :/

Answer 1

$64?

Answer 2

Yeah. I keptgetting $64

Answer 3

but that's not it.

Answer 4

[ 240(1+0.09/12)^(12*14) ]

Answer 5

solve that^

Answer 6

yeh u shud get 842.132

Answer 7

Wait, what does the 12 represent? the number of months, right?

Answer 8

yeh

Answer 9

Thank you so much!

Answer 10

yur welcome :D

Answer 11

If $535 is invested at an interest rate of 6% per year and is compounded continuously, how much will the investment be worth in 10 years? So I plugged that in just like you did and I got zero??