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September 20, 2014

September 20, 2014

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

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.

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