Question

You put $600 into a savings account paying 8% annual interest compounded monthly. After one year you take out all the money and put it into a 9 month CD paying 7.5% annual(simple) interest. How much is your investment worth when the CD matures?

Answer 1

$915.13

Answer 2

can u quickly explain how u get it....did u use formula A=P (1+i) ^n

Answer 3

i do and it wont let me...??

Answer 4

A=600
A(1+(.08/12))^12= 866.40= B
B(1+(.075*.75)) =915.14

Answer 5

thank u sooo much =)