Posted by Kylie on Saturday, December 17, 2011 at 6:03pm.
I would like to know if my answers are correct.
A principal of 6500.00 is invested in an account paying an annual rate of 4%. Find amount in acct after 4 years if acct is compounded semiannually, quarterly and monthly.
Semiannually  7615.79
Quarterly  7621.76
Monthly7613.64

Algebra  Question about Answers  Steve, Saturday, December 17, 2011 at 6:11pm
Your answers look good.
I see you used 1.0033 for 1/3 %. If you carry out a few more places, say, 1.003333333, you get 7625.79
So, depending on how exact you want to be, you're ok.
Not sure whether the banks just use 1 + (.04/12) as the monthly rate, which would give the higher amount, since the extra precision would be built into the calculation.

Algebra  Question about Answers  Kylie, Saturday, December 17, 2011 at 6:36pm
Thanks
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