Question

How much would 200 invested at 5% interest compounded monthly be worse after 9 years? round your answer to the nearest cent

Answer 1

The formula is
A=p (1+r/k)^kt
A future value?
P present value 200
R interest rate 0.05
K compounded monthly 12
T time 9 years
A=200×(1+0.05÷12)^(12×9)
A=313.37