SOLUTION: You invest $1000 in a savings account for 8 years. What would be your balance at the end of the six years if the account earned 5% per year. Round to the nearest cent
a) compounde
Algebra.Com
Question 1194667: You invest $1000 in a savings account for 8 years. What would be your balance at the end of the six years if the account earned 5% per year. Round to the nearest cent
a) compounded annually
b) compounded quarterly
c) compounded monthly
d) compounded continuously
Answer by ikleyn(52802) (Show Source): You can put this solution on YOUR website!
.
To see many similar solved problems with all detailed explanations (your TEMPLATES), look into these two lessons
- Compound interest percentage problems
- Problems on discretely compound accounts
- Problems on continuously compound accounts
in this site, and learn the subject from there.
After reading these lessons, you will tackle such problems on your own without asking for help from outside.
Also, you have this free of charge online textbook in ALGEBRA-I in this site
- ALGEBRA-I - YOUR ONLINE TEXTBOOK.
The referred lessons are the part of this online textbook under the topic "Logarithms".
Save the link to this online textbook together with its description
Free of charge online textbook in ALGEBRA-I
https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson
to your archive and use it when it is needed.
Happy learning (!)
RELATED QUESTIONS
an account offers 4.5% interest compoundd annually. if you deposited $6000 in the... (answered by rfer)
A savings account has a nominal annual interest rate of 6%, compounded monthly.
If I... (answered by stanbon)
Stella invested $500 in a special savings account. The balance of this special savings... (answered by ikleyn)
If you invest $5,000 in a simple interest account at 1.8 percent for 5 years, what is the (answered by ewatrrr)
You invest $1500 in an account with an interest rate of 8% for 12 years, making no other... (answered by lynnlo)
1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% (answered by ikleyn)
4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)
you put $1500.00 in a simple interest savings account. Two years later the total account... (answered by TimothyLamb)
you put 1500 in a simple interest savings account two years later the total account... (answered by josgarithmetic)