Posted by
**please i need help.Dan** on
.

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.