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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? Use the compound interest formula A = P(1 r over n)nt. $68. 39 $704. 28 $842. 13 $846. 10.

Answer :

ANTHOUGOGO

With an investment of $240 at 9% interest rate, compounded monthly for 14 years, the investment will be worth $842. 13.

Data and Calculations:

N (# of periods) = 168 (14 x 12)

I/Y (Interest per year) = 9%

PV (Present Value) = $240

PMT (Periodic Payment) = $0

Results:

Future Value = $842.13

Total Interest $602.13

Thus, with an investment of $240 at 9% interest rate, compounded monthly for 14 years, the investment will be worth $842. 13.

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