Q: How much would 500 invested at 6 percent interest compounded annually be worth after 12 years. Round your answer to the nearest cent Do not include units in your answer?

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814.45

Plugging the numbers into the compound interest formula, and rounding to two decimal places: 120 x (1 + (6/100))21 = 407.95 Don't forget to include the appropriate currency symbol in your answer.

187.32

125 x (1.08)^14 = 367.15 If 125 is in cents, then to the nearest cent it is 367 If 125 is in dollars, then to the nearest cent it is as above, namely 367.15

value = Amount × (1 + APR/100)^years → value = 500 × (1 + 7/100)^4 = 500 × 1.07^4 ≈ 655.40

Related questions

814.45

705.79

Plugging the numbers into the compound interest formula, and rounding to two decimal places: 120 x (1 + (6/100))21 = 407.95 Don't forget to include the appropriate currency symbol in your answer.

610.5

187.32

125 x (1.08)^14 = 367.15 If 125 is in cents, then to the nearest cent it is 367 If 125 is in dollars, then to the nearest cent it is as above, namely 367.15

value = Amount × (1 + APR/100)^years → value = 500 × (1 + 7/100)^4 = 500 × 1.07^4 ≈ 655.40

7% compound interest means that the amount of money increases, every year, by a factor of 1.07. After 4 years, you have 300 x 1.07^4.

First include a unit of currency. I will use pounds, but if the answer is in dollars, simply replace the sign at the front of this sum to a dollar sign. The sum you are looking for is: Â£120000 x 1.0410 Rounded to the nearest penny (or cent, as appropriate), this is equal to Â£177629.31.

Unless I miss my guess, this certainly sounds like a test question or a homework assignment to me. If that's true, then it has no place here. This site doesn't do your homework for you. That would be mean and cruel,. since it would steal a chance to learn something from you.

The amount of a loan or investment that does not include interest. It's the amount borrowed, or the amount currently owed in a loan (including mortgages) and the amount invested (for investments.)

The amount of a loan or investment that does not include interest. It's the amount borrowed, or the amount currently owed in a loan (including mortgages) and the amount invested (for investments.)