Question

how much would $500 dollars invested at 7% interest compounded annually be worth after 4 years? Round your answer to the nearest cent.

Answer 1

I got $655.40

Answer 2

is that rite

Answer 3

For 4 Year's.

Answer 4

yeah 4 years

Answer 5

I got 700.00

Answer 6

I did 500 times 7% times 4.

Answer 7

well you'd use the compound interest formula of course

Answer 8

im just checking if my answer is correct

Answer 9

hello?

Answer 10

yeah & I got $655.40

Answer 11

is that correct

Answer 12

I / pt = r

Answer 13

I = 0.07

Answer 14

p = 500

Answer 15

t = 4

Answer 16

p * t or 500 * 4 =2000

Answer 17

yea I did all this but I just want to make sure if my answer is right

Answer 18

if you followed the procedure i guest it would be right

Answer 19

i used the compound interest formula

Answer 20

anyways what abt this?

You deposit $425 into the account, where it earns 6.2% annual interest, compounded monthly, and leave it there for 18 months.

Answer 21

same type of problem but im a little confused on what u do w/ the 18 months

Answer 22

you turn 18 months to years
1.6 years

Answer 23

oh ok. wouldn't it be 1.5years though

Answer 24

cuz it's 1 1/2 mos.

Answer 25

sorry 1 1/2 yrs

Answer 26

theres 12 months in a year so 1 year and then 18 m - 12 m = 6 m so 1 y and 6 m