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

An object that is dropped straight down from a height of 100 m has a vertical change in position that is less than that of an identical object thrown horizontal
What factors slow down economic development of US?
What are the major characteristics of grand opera?
what is a dyne? Please help me
An object that is dropped straight down from a height of 100 m has a vertical change in position that is less than that of an identical object thrown horizontal
Fitness can be achieved only through ?
Relationship between mini and kabuliwala
differentiate between plant cell and animal cell prokaryotic cell eukaryotic cell
During his tennis career in singles play, John won 3 fewer tournament A titles than tournament B titles, and 2 more tournament C titles than tournament B titles
The running time for movie A is 33 mins more than twice the running time for movie B. If the running time for movie A is subtracted from triple the running time