How much would $200 invested at 5% interest compounded monthly be worth after 9 years? round your answer to the nearest cent.

The amount becomes 31450 cents.

Step-by-step explanation:

Formula for compounded monthly

Where P is the principle, r is the rate ofinterest in the decimal form and t is the time in years.

As given

$200 invested at 5% interest compounded monthly for 9 years.

P = $200

5% is written in the decimal form

= 0.05

r = 0.05

t = 9 years

Put in the formula

Amount = $ 314.5 (Approx)

As 1 dollar = 100 cents

Now convert $ 314.5 into cent.

$ 314.5  = 314.5 × 100

             = 31450 cents

Therefore the amount becomes 31450 cents.

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