Question

If $1000 is deposited in an account paying a nominal interest rate of 4 % per year, how much is in the account 16 years later if the interest is compounded Annually?

Answer 1

Im getting 1894.46

Answer 2

its saying thats wrong

Answer 3

that is what I got?

Answer 4

yes

Answer 5

1000(1+ .04/12)^192

Answer 6

HELP

Answer 7

Well doing it the long way I got 1870.19 but that could be + or - some depending on how you are suppose to round. I rounded normally, but if this is trying to be realistic most banks always round down. If that helps.

Answer 8

thanks