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

How the federal government supported nationalism in their intersections with the states
at the market opening, a customer purchases 200 shares of an S&P 500 inverse etf (-1x) at $50 per share. At the end of that day, the s&P 500 index decli
Explain the different stages in nutrition of amoeba ?
Which of the following statements is correct for a person that has active Hepatitis B? A. Symptoms may or may not be present B. Infected person's will have jaun
Solve each of the following equations. Show its solution set on a number line. Check your answers. |3x-2| = 19
Joe and Ann buy some fruit from the same shop. Joe buys 4 apples and 3 bananas for £2.50 Ann buys 3 apples and 4 bananas for £2.40 Work out the cost of (i) one
Identify the domain and range x -5 -2 1 5 7 y 10 11 4 10 15
Explain the different stages in nutrition of amoeba ?
How the federal government supported nationalism in their intersections with the states
I went shopping for a new car. the suggested manufacturers price is $26,985. With discounts for first time car buyer, being a college graduate, and the Labor Da