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

questionsy= what is the mood of this poam?2:​
A set of speakers costs $22 and songs cost $1.25 each. The sales tax rate is 7.5%. The expression 0.075(22 + 1.25s) can be used to determine the amount of sales
I ate twice as many apples as bananas and 3 times as many blueberries as bananas. If I ate 12 fruits and berries altogether, how many apples did I eat? How many
which languages are files transcribed in?​
Why is Alpha Centauri B Appear smaller than the sun
Which improper fraction is represented by the shaded area?
+ What is one way you can meet students with common interests in an online school? O A dedicated learning space. O National clubs O The OLS O Class Connects
what is the democratic party and how does it relate to andrew jackson?
jo.in Goo.gle meet the code/rhk-rvet-tdi​
Can anyone help me with this math test pls!! I gotta have it turned in by midnight tonight so I need answers ASAP!! Heres another question!!