DixieN0rmous DixieN0rmous

24-06-2022
Mathematics

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How much for $100 invested in 6% interest compounded monthly be worse after 20 years

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ihabelias ihabelias

24-06-2022

Answer:

$331.02

Step-by-step explanation:

compound interest formula

A = P ( 1 + r/n)^nt

P = principal amount

r = rate decimal

n = number of times interest is compounded

t = time

A = 100 * (1 + .06/12)^(12*20)

A = 331.02

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