Algebra  Question about Answers
posted by Kylie .
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
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
Thanks
Respond to this Question
Similar Questions

Math
Your Aunt will give your $1,ooo if you invest it for 10 years in an account that pays 20% interest compounded annually. That is, at the end end of each year your interest will be added to your account and invested at 20%. What will … 
Algebra 2
Can someone please check these answers for me? 
Alg2
Help....Help... Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the … 
Alg 2
Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the amount of money … 
algebra
If x dollars is deposited every four weeks (13 times a year) into an account paying an annual interest rate r, expressed in decimal form, then the amount An in the account after n years can be approximated by the formula .If $45 is … 
Algebra
A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is the principal, and A is the amount of money … 
Algebra B
I can't figure this out, please help... A company invests $15,000.00 in an account that compounds interest annually. After two years, the account is worth $16,099.44. Use the function in which r is the annual interest rate, P is the … 
algebra
To find the amount A in an account after t years with principal P and an annual interest rate r compounded continuously, you can use the formula 
easy geometry
Can you please show you solution and final answer here. Thanks! 1.Find the altitude,perimeter and area of an isosceles trapezoid whose sides have lengths 10 cm, 20 cm, 10 cm and 30 cm. 2. The formula A=P(a+r)^2 is used to find the … 
math
4) The distance needed to bring a truck to a stop varies as the square of its speed. If a truck travels at a speed of 55 mph it needs 79 feet to stop. What is the stopping distance of the truck travelling at 70 mph?