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If $75 is invested at an interest rate of 8% per year and is compounded monthly, how much will the investment be worth in 15 years?

1 Answer

Aug 16, 2016

#A_n=P*(1+i/(12*100))^(n*12)#
#A=$248.02#

Explanation:

principal is compounded per month
#A_n =P*(1+i/(12*100))^(n*12)#

#A_15=75*(1+8/(12*100))^(15*12) =248.02 #

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