Misha deposited $3,725 into a savings account 22 years ago. The account has an interest rate of 2.2% and the balance is currently $6,012.37. How often does the interest compound?

Question

anonymous · Answer

monthly
		quarterly
		annually
		daily

dumbcow · Answer

6012.37 = 3725(1+.022/n)^22n

plug in n=1,4,12,365 and see which one works

anonymous · Answer

i did they all came out with balances in the $8000's :(

dumbcow · Answer

somethings wrong with your calculation then, they should all be in the 6000's

dumbcow · Answer

try n =1 again

6012.37 = 3725(1+.022)^22

anonymous · Answer

oh dear missed that one haha thank you :) your a life saver >.<!