Finance Question

Question

If $100 is placed in an account that earns 3%, compounded monthly for 6 years, what will it be worth in 6 years?

Answer 1

Total value - $119.69

$100*(1+(.03/12)^(12*6)

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

A= final amount

P= initial principal balance

r= interest rate

n=# of times interest applied per time period

t=# of time periods elapsed