Maturity value with monthly compounding

Statement

The Guerzoni bakery invests $12000\ \text{€}$ at $9\%$ per year with monthly compounding. Value after $2$ years?

Solution

With $m=12$, $M=12000\left(1+\dfrac{0{.}09}{12}\right)^{24}=12000\,(1{.}0075)^{24}$. $M=12000\cdot 1{.}196407\approx\boxed{14356{.}9\ \text{€}}.$