Question

How much would $100 invested at 9% interest compounded monthly be worth after 7 years ?

Answer 1

One hundred dollars, invested at 9%, compounded monthly, would be worth $187.32 at the end of 7 years.

Answer 2

@Jasmineen Just plug into the Compound Interest formula!

Answer 3

P(1 + r/12)^(12y) where r is your annual rate and y is the # of years. 12y gives the # of compounding periods. 12 factor because monthly. P is principal.

Answer 4

r is 0.09, so r/12 is 0.09/12. Just make the necessary substitutions.