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

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?

 $68.39

 $704.28

 $842.13

 $846.10

anonymous · Answer

i dont know the formula

geerky42 · Answer

$$\Large A=P\left(1+\dfrac{r}{n}\right)^{nt}$$
P = principal amount (the initial amount you borrow or deposit)
r  = annual rate of interest (as a decimal)
t  = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n  =  number of times the interest is compounded per year

geerky42 · Answer

You are given:

P = 240
r = 0.09
n = 12
t = 14

geerky42 · Answer

Just plug in these values and solve for A.

anonymous · Answer

thank you! this really helped

anonymous · Answer

If a hospital patient is given 50 milligrams of medicine which leaves the bloodstream at 10% per hour, how many milligrams of medicine will remain in the system after 6 hours? Use the function A(t) = Iert.

 12.39 mg

 27.44 mg

 45.24 mg

 91.11 mg

anonymous · Answer

@geerky42  help with this question also

anonymous · Answer

@dumbcow