elaineg
elaineg elaineg
  • 27-07-2017
  • Mathematics
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How much would $120 invested at 86% interest compounded monthly to be worth after 21 years round to the nearest cent

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Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 27-07-2017
The formula is
A=p (1+r/k)^kt
A future value?
P present value 120
R interest rate 0.86
K compounded monthly 12
T time 21 year
A=120×(1+0.86÷12)^(12×21)
A=4,510,568,953.1372
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