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OpenStudy (anonymous):
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? $68.39 $704.28 $842.13 $846.10
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hero (hero):
Monthly Compound Interest Formula: \[A = P\left(1 + \frac{r}{12}\right)^{12t}\] A=Account Balance P=Principal r=rate (decimal form) t=time (in years)
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