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

nnesha · Answer

formula$$A=p(1+\frac{ r }{ n })^{nt}$$
where-p-principal-
r=interest-rate
key-word-copounded-onthly

nnesha · Answer

compounded-monthly-which-mean-
n=12

nnesha · Answer

t=years

nnesha · Answer

now-replace-variables-by-their-values
and-let-me-know-what-u-get

shamim · Answer

Given
P=240 dollar
r=9%
t=14year
n=12
A=?

anonymous · Answer

i dont think 9 % is correct according to the question

nnesha · Answer

that-is-right
one-thing-i-forgot
first-you-have-to-divide
9-by-100
so-9/100=.09e
so-replace-r-by
.09