Study guides

☆☆

Q: How much would 500 invested at 3 percent interest compounded monthly be worth after 7 years?

Write your answer...

Submit

Still have questions?

Related questions

$194.25 if interest is compounded annually. A little more if compounded quarterly, monthly, or daily.

674.42

572.56

187.32

674.43

674.51

610.45

635.24

161.35

313.37

322.7

610.50

275.28

648.68

662.70

283.52

$73053.88 when compounded month your yearly rate would be 0.061678% * * * * * True, but in real life the quoted interest rate, "6 percent compounded monthly", should read "an interest rate, such that, if it were compounded monthly, would give an annual equivalent rate of 6 percent". The equivalent of 6% annual is 0.487% monthly since 1.0048712 = 1.06

14.651

It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %

0.67 percent

610.5

187.32

It would be worth 428.24 if the interest was added on once each year. If the interest were to be compounded monthly rather than annually the value would be 447.67

At 4% annual interest compounded monthly, it's 96 periods of 1/3% each.300 x (1.00333...)96 = 412.92 (rounded)

"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?