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?

Question

anonymous · Answer

use a calculator

anonymous · Answer

thee formula is A=Pe^rt

anonymous · Answer

P is the initial investment e is a button on the calculator r is the interest rate and t is the time

anonymous · Answer

do you get it?

anonymous · Answer

Okay I think I got now thank you so much!

anonymous · Answer

no problem

anonymous · Answer

says compounded monthy, not continuously

anonymous · Answer

yeah but its the same equation

anonymous · Answer

$$240(1+\frac{.09}{12})^{12\times 14}$$ is the formula  you need

anonymous · Answer

oh you are right im sorry

anonymous · Answer

no, monthy is monthly, continuously is continuously
they are close, but once a month is not the same as continuous

anonymous · Answer

phi · Answer

Did you get the answer?

phi · Answer

You can type this into the google search window
240*(1+0.09/12)^(12*14)=

to get the number.  Or use a calculator.