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?
How do I set this up to solve it?

Answer 1

hmm i think use the exponential formula

Answer 2

You'd want to use the compound interest formula:

a=p(1+r/n)^nt

where A is your end amount
P is initial
r is the annual rate (in decimal form)
n is number of times it is compounded a year
and t is how many years

Answer 3

I got $974.83. Is that right?