Question

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?

Answer 1

monthly
quarterly
annually
daily

Answer 2

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

plug in n=1,4,12,365 and see which one works

Answer 3

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

Answer 4

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

Answer 5

try n =1 again

6012.37 = 3725(1+.022)^22

Answer 6

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