Friday

October 24, 2014

October 24, 2014

Posted by **Anonymous** on Monday, January 3, 2011 at 7:10pm.

- math -
**drwls**, Monday, January 3, 2011 at 8:22pmCompounded how often?

If only compounded annually, which is rare these days, the answer is

100*(1.03)^15 = $155.80

assuming the deposit was made on or just before Jan 1, 1996, 15 years ago.

If the interest is compounded monthly (180 times), the answer is

100*(1.0025)^180 = $156.74

**Answer this Question**

**Related Questions**

math - $100 a month with 3% interest since 1996

math - The following graph shows the growth of the median home value in a ...

math - the growth in population of a small town since 1996 is given by the ...

Algebra - 1) The following graphs shows the growth of the median home value in a...

Accounting - Ruben Company purchased $100,000 of Evans Company bonds at 100 ...

problem solving - in 1979, the death rate,D, from acute myocardial infarction ...

accounting - Is the interest on a note receivables recorded if paid prior to the...

Math - Find the simple interest on a loan of $100 at an interest rate of 2% for ...

sci - summaries of the 1996 Winners of the Dubai awards. descriptions of two ...

Economic DQ's - 3. You have been hired by the government as an economic ...