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25 October, 16:12

How much would $100 invested at 8% interest compounded monthly be worth after 6 years? Round your answer to the nearest cent. Do not include units in your answer.

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  1. 25 October, 16:26
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    FV = $100 * (e^rt)

    FV = $100*e^ (0.08*6)

    FV = $100*e^0.48

    FV = $100*1.616

    FV = $161.6
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