jalisse12prince
jalisse12prince jalisse12prince
  • 03-03-2018
  • Mathematics
contestada

What would my final balance be if I put $650 in the bank for 60 months with an interest rate of 6%?

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 03-03-2018
It depends on the terms of the account.

If interest is compounded annually, 650*1.06^5 ≈ 869.85 . . . . dollars.
If interest is compounded quarterly, 650*1.015^20 ≈ 875.46 . . dollars.
If interest is compounded monthly, 650*1.005^60 ≈ 876.75 . . .dollars.
Answer Link

Otras preguntas

What Is the National Prohibition Act?
how did jazz demonstrate the independent spirit of the times?
what do this mean explain the following thoughts of annemarie, "it was hard for the ones who were waiting, Annemarie knew. Less dangerous perhaps but more fear
write the equation in function form then graph it 5x-2y=6 thx to the ppl who help
A rocket is launched from the ground. The function  h(t)= -4.9t^2 +180t   models the height of a rocket launcher from the ground t seconds after it is launched.
how do you write fraction 9/10 as a decimaland how to convert fractions into decimals
if square root of 405 rounded to the nearest thousandth is 20.125  how do u simplify to get to that answer, thank u.
what are some interesting facts about the great sandy desert?
What is the interquartile range of the data set below? Growth in feet of oak trees: 68,80,73,90,120,94,76,112,101,94,72(1) 22                (2) 28
write the equation in function form.then graph the equation y-x=-1