Saturday

January 24, 2015

January 24, 2015

Posted by **Kylie** on Saturday, December 17, 2011 at 6:03pm.

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

Monthly-7613.64

- Algebra - Question about Answers -
**Steve**, Saturday, December 17, 2011 at 6:11pmYour 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 6:36pmThanks

**Answer this Question**

**Related Questions**

Math - Your Aunt will give your $1,ooo if you invest it for 10 years in an ...

Algebra 2 - Can someone please check these answers for me?? I'm pretty sure most...

math - Wendy invested $6500.00 into two bank accounts, one paying 4% simple ...

algebra - A total of $6200 is deposited into two simple interest accounts. On ...

math - you invested $4000 in two accounts paying 2% and 9% annual interest, ...

Algebra - You invested $1 0,000 on two stocks paying 8% and 10% annual interest...

Finance - . (TCO 3) Mark deposited $1,000 today, in an account that pays eight ...

annual interest - you invested 12000 in two accounts paying 5% and 7% annual ...

algebra - A total of $12,000 is invested in two funds paying 9% and 11% simple ...

Algebra - A company invests $15,000.00 in an account that compounds interest ...