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If 75 is invested at an interest rate of 8% per year and is compounded monthly, how much will the investment be worth in 15 years?

Solution

If 75 is invested at an interest rate of 8% per year and is compounded monthly, how much will the investment be worth in 15 years?

Solution

Amount : 248.02

Solution steps

Translate the problem into an equation:

A = 75 (1 + \frac{0.08}{12})^{12 \cdot 15}

75 (1 + \frac{0.08}{12})^{12 \cdot 15} = 248.01911 \dots

Round to the nearest hundredth:

248.02

Amount : 248.02

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