Wednesday

April 1, 2015

April 1, 2015

Posted by **katie** on Friday, September 2, 2011 at 4:48pm.

so I figure you would get 2650.00 help please

- math -
**MathMate**, Friday, September 2, 2011 at 6:26pmWhat you probably did was calculated

*simple*interest for 15 years on $1000 and added to $2200 to give $2650.

Compound interest formula are based on the number of*periods*, n, the interest was compounded.

The interest being compounded 4 times a year, so there are 15*4=60 periods of 3 months each. The corresponding interest rate for*each*period is therefore r = 3%/4=0.0075.

The formula for the future value using compound interest is:

FV = Principal * (1+r)^n

=2200*1.0075^60

=2200*1.565681

=$3444.50

**Answer this Question**

**Related Questions**

math - you deposit $2200 in an account that pays 3% annual interest. after 15 ...

math - you deposit $2200 in an account that pays 3% interest, after 15 years you...

math - You deposit $7,900 in a money-market account that pays an annual interest...

Math - You deposit $6,700 in a money-market account that pays and annual ...

math - You deposit $6,700 in a money-market account that pays an annual interest...

Alg 2 - Suppose you deposit a principal amount of p dollars in a bank account ...

Alg2 - Help....Help... Suppose you deposit a principal amount of p dollars in a ...

math - This problem has to do with exponential models. The question says, you ...

algebra - You deposit $500 in an account that pays 3% annual interest. Find the ...

Math - If you deposit P dollars into a bank account paying an annual interest ...