SOLUTION: I need to figure out what "compounded annually" means. Ex: $500 paying 4% interest compounded annually. What does this mean?
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Question 72007
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Study Guide and Practice Workbook
:
I need to figure out what "compounded annually" means. Ex: $500 paying 4% interest compounded annually. What does this mean?
This question is from textbook
Study Guide and Practice Workbook
Answer by
Nate(3500)
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compounded means that you take the interest of per time
annually means per year
I = Prt
I = 500*0.04*t
I = 20t
where t is in years
(