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11 February, 02:54

How much would $100 invested at 6% interest compounded mothly be worth after 20 years? round answer to the nearest cent

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  1. 11 February, 03:09
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    Alright, so in order to solve this problem, you need to know the formula for compound interest, which is

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

    A is the final amount, P is the beginning amount, r is the rate it is being compounded at, n is the number of compounds per year, and t is obviously the time or number of years

    Since it is compounded monthly, n will equal 12, as there are 12 months in a year.

    Plug in what you have and you get A = 100 (1 +.06/12) ^ (12) (20)

    A=331.02
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