Question

You invest $1000 in an account that has an annual interest rate of 4%, compounded monthly for 12 years. What is the equivalent interest rate and how many times will the money be compounded?

Answer 1

With the compound interest calculator, you can accurately predict how profitable ... (4/Yr) compounding has a compounding frequency of four,; monthly (12/Yr) ... More specifically, you may place the money to the account at the beginning or ... You invest $10,000 for 10 years at the annual interest rate of 5%.

Answer 2

will that help

Answer 3

To solve this we can utilize a simple formula

A=P{1+(r/n)}^(n*t)

P=1000--> principal

r=.064-->interest rate pr yr

n=12, because of 12 months--> # compounding pr yr

t=unknown number of yrs

A=principal tripled 1000*3
= 3000

We need to rearrange the formula into logarithmic formula:

{ln(A/P)
{n*ln)
(1+(r/n) = t

Then substitute the numbers

(3)(12*ln)
(1.053333)
= 17.212

Answer 4

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