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12 August, 19:41

How much would $120 invested at 6% interest compounded monthly be worth after 21 years? Round your answer to the nearest cent.

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  1. 12 August, 22:13
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    The formula is

    A=p (1+r/k) ^kt

    A future value?

    P present value 120

    R interest rate 0.06

    K compounded monthly 12

    T time 21 years

    A=120 * (1+0.06:12) ^ (12*21)

    A=421.72
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