Question

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?

Answer 1

`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`