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

Write an expression for the perimeter of the triangle shown below: A triangle is shown with side lengths labeled 2.3x plus 14, 2x, and negative 0.2x plus 15. 4
How are logical operators used? To identify and correct errors O To make decisions O To determine a problem O To create a plan
What where the people downstairs in the house doing, while Betty was on her sickbed?
If bc+ad=b solve for a (please show work)
3. Could Christopher Columbus have sailed to the Americas without Ferdinand and Isabella's support? Explain.
What is the slope of the line through the points (5,2) and (-3, -7).
Help meh. plssss. I need thisssss. PLEASE.
The only nonmetal in Group 14 is A carbon. B. oxygen. C. nitrogen. D. fluorine.
Pls help me with this :)
What is a market economy? an economic system in which the government or another central administration regulates supply and prices a system in which people ea