Question

Please help,forgot formulas
a principal of 6500 is invested in an account paying an annual rate of 5 . find the amount after 3 years if the account is compounded semiannually, quarterly, and monthly

Answer 1

Look up the formulas and then do this! It will help you in the long run if you do it yourself :)

Answer 2

yea, I looked up the formulas, but tbh I do not know which one to use for what

Answer 3

Semianually means every half year so you use the same formula but for every half year

Answer 4

Quarterly means every quarter so every 3 months

Answer 5

And monthly means every month

Answer 6

So use the same formulas but plug in those values

Answer 7

I know what they mean, but which formula?

Answer 8

Is it this one? http://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm