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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?

Respuesta :

Aliwohaish12
The formula is
A=p (1+r/k)^kt
A future value?
P present value 240
R interest rate 0.09
K compounded monthly 12
T time 14 years
A=240×(1+0.09÷12)^(12×14)
A=842.13

The investment worth in 14 years will be $842.

Based on the information given, the formula to solve the question will be:

A = p (1+r/k) × kt

where,

A = future value

P = present value = 240

R = interest rate  = 9% =0.09

K = compounded monthly = 12 months

T = time = 14 years.

Therefore, the investment worth in 14 years will be:

A = 240 × [1+0.09] / 12¹²ˣ¹⁴

A = 842.13

A = 842 approximately

In conclusion, the correct option is $842.

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