math
posted by please i need help.Dan .
You have deposited 1000$ in your saving account with an anual interst rate of 4 percent compund monthly. How much money are you going to have in your account after six months.
Use A=P*(1+r)^6
r=.04/12=.01/3, P=1000
IS THE ANSWEAR 5610.23
No, if the annual interest rate is 4% then the answer should be close to 1040.
If you use A=P*(1+r)^6 with r=(.04)/12 = .033333 and P=1000 you shouldn't get
that for an answer.
Respond to this Question
Similar Questions

math
x^23x+2<0 Put in y=x^23x+2 in your graphing calculator, and graph is. See where y is negative. That area is the solution The graph will be a second degree equation, and probably cross the y=0 axis at the x defined in (x^23x+2=0) … 
math
you have deposited 1000 dollars in your savings account with n annual interest rate of 4 percent compounded monthly. how much money are you going to have in your account after six months? 
math
find the effectivee rate correspoding to 3% compounded quarterly The formula for effective rate I found is (1+ i/n)^n  1 where i is the annual rate as a decimal and n is the number of periods. Here i=.03 so the effective rate is and … 
ath
Jill deposited $2,500 in a savings account at a rate of 7.75%, compounded monthly. How much was in her account after three months? 
Calc
How much money will we have in 6 months if we invest $1000 into an account earning 8% compounded continuously? 
math
how much money must you deposit into an account that earns 3% monthly to have $1000 after 4 years 
differential equation
If P(t) is the amount of dollars in a savings bank account that pays a yearly interest rate of r% compounded continuously ,then dP/dt=(r/100)(P) , t in years . Assume the interest is 5% annually ,P(0)=$1000 ,and no monies are withdrawn … 
Math
A friend opens a savings account by depositing $1000. He deposits an additional $75 into the account each month. a. What is a rule that represents the amount of money in the account as an arithmetic sequence? 
math
A friend opens a savings account by depositing $1000. He deposits an additional $75 into the account each month. a. What is a rule that represents the amount of money in the account as an arithmetic sequence? 
math
A friend opens a savings account by depositing $1000. He deposits an additional $75 into the account each month. a. What is a rule that represents the amount of money in the account as an arithmetic sequence?