SOLUTION: Compound interest. if $1000 is invested at a rate of 7% per year compounded monthly what is the principal after
a. 1 year
b. 6 months
c. 1 year
d. 20 years
Algebra.Com
Question 458914: Compound interest. if $1000 is invested at a rate of 7% per year compounded monthly what is the principal after
a. 1 year
b. 6 months
c. 1 year
d. 20 years
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
a and c are the same
Monthly = P (1 + r/12)^12 = (monthly compounding)
RELATED QUESTIONS
Compound interest. if $1000 is invested at a rate of 7% per year compounded monthly what... (answered by richwmiller)
Suppose $2500 is invested at a rate of 7% per year compounded monthly. (round answer to... (answered by josgarithmetic,MathTherapy)
What is the accumulated amount A if the principal P = $11,000 is invested at the interest (answered by ewatrrr)
Suppose $500 is invested at a rate of 11% per year compounded monthly. (Round your... (answered by ikleyn)
Jessica invested £14000 for 5 years at a compound interest rate of 9% per year. How much... (answered by stanbon,TimothyLamb)
A principal of $50,000 has been invested at an interest rate of 9 percent per year... (answered by ikleyn)
Use the compound interest formula to determine how long it will take for a sum of money... (answered by solver91311)
Find the accumulated amount A if the principal P = $2,000 is invested at the interest... (answered by lynnlo)
Find the accumulated amount A if the principal P = $11,000 is invested at the interest... (answered by rfer)