Wednesday
April 1, 2015

Homework Help: math

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

First Name:
School Subject:
Answer:

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 ...

Members