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Beliebt Word Problems >

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?

Lösung

I f 240 i s in v es t e d a t an in t eres t r a t e o f 9% p er ye a r an d i s co m p o u n d e d m o n t h l y, h o w m u c h w i ll t h e in v es t m e n t b e w or t h in 14 ye a rs ?

Lösung

Amount : 842.13

Schritte zur Lösung

Translate the problem into an equation:

A = 240 (1 + \frac{0.09}{12})^{12 \cdot 14}

240 (1 + \frac{0.09}{12})^{12 \cdot 14} = 842.13254 \dots

Round to the nearest hundredth:

842.13

Amount : 842.13

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