Question

how much would $140 invested at 6% interest compounded monthly be worth after 15 years? round your answer to the nearest cent

Answer 1

$343.57 is your answer

Answer 2

The principle amount of $140 invested at a 6% rate of interest compounded monthly be worth after 15 years will be $340.

What is compound interest?

Compound interests are those interests where the principle amount always going to change.

For example, if you give $100 to anyone with 5% interest monthly then at the end of your month your value becomes $105 and this will become the principal amount.

Given that the principal amount is $140

P = $140

The rate of interest is 6%

r = 6%

Number of time period 15 years

t = 15

Now by compounding interest formula

A = $[1+r/100]^{t}$

By putting all value we get

A = $[1 + 6/100]^{15}$

A = $340 hence, $340 will be the total amount after 15 years.

For more information about compound interest.

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