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July 24, 2014

July 24, 2014

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

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