SOLUTION: Suppose a principle amount of $1,305 were invested at an annual rate of 4.3% compounded monthly for 9 years. How many compounding periods would this be?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Suppose a principle amount of $1,305 were invested at an annual rate of 4.3% compounded monthly for 9 years. How many compounding periods would this be?      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1148309: Suppose a principle amount of $1,305 were invested at an annual rate of 4.3% compounded monthly for 9 years. How many compounding periods would this be?
Answer by ikleyn(52786) About Me  (Show Source):
You can put this solution on YOUR website!
.
Suppose a highlight%28cross%28principle%29%29 principal amount of $1,305 highlight%28cross%28were%29%29 was invested at an annual rate of 4.3% compounded monthly for 9 years.
How many compounding periods would this be?
~~~~~~~~~~~~~~~~~~~~~~~~~~~


12*9 = 108 compounding periods.

9 years, 12 compounding periods each year.