Posted by **please i need help.Dan** on Sunday, September 17, 2006 at 10:06pm.

You have deposited 1000$ in your saving account with an anual interst rate of 4 percent compund monthly. How much money are you going to have in your account after six months.

Use A=P*(1+r)^6

r=.04/12=.01/3, P=1000

IS THE ANSWEAR 5610.23

No, if the annual interest rate is 4% then the answer should be close to 1040.

If you use A=P*(1+r)^6 with r=(.04)/12 = .033333 and P=1000 you shouldn't get

that for an answer.

## Answer this Question

## Related Questions

- math - x^2-3x+2<0 Put in y=x^2-3x+2 in your graphing calculator, and graph is...
- math - find the effectivee rate correspoding to 3% compounded quarterly The ...
- math - you have deposited 1000 dollars in your savings account with n annual ...
- ath - Jill deposited $2,500 in a savings account at a rate of 7.75%, compounded...
- math - A friend opens a savings account by depositing $1000. He deposits an ...
- math - A friend opens a savings account by depositing $1000. He deposits an ...
- Math - A friend opens a savings account by depositing $1000. He deposits an ...
- math - Samantha opened a savings account and deposited some money into the ...
- Math - Please check my work, thank you If $7,800 is deposited into an account ...
- differential equation - If P(t) is the amount of dollars in a savings bank ...

More Related Questions