14.651
$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
It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %
0.9938% per month, when compounded is equivalent to 12.6% annually.
8% compounded monthly is equivalent to an annual rate of approx 152% . 8.5% compounded six monthly is equivalent to "only" 17.72% so the first is clearly larger.
At 8% per month, compounded, it will take just 1.2 years. However, with monthly interest such that its annual compounded equivalent is 8% (roughly 0.64% each month), it will take 14.27 years.
$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
It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %
0.9938% per month, when compounded is equivalent to 12.6% annually.
8% compounded monthly is equivalent to an annual rate of approx 152% . 8.5% compounded six monthly is equivalent to "only" 17.72% so the first is clearly larger.
At 8% per month, compounded, it will take just 1.2 years. However, with monthly interest such that its annual compounded equivalent is 8% (roughly 0.64% each month), it will take 14.27 years.
0.67 percent
"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
12 percent, compounded monthly is the equivalent of an annual rate of approx 390%. At that rate, 1290 would be worth 5025.81 (approx).
$194.25 if interest is compounded annually. A little more if compounded quarterly, monthly, or daily.
Compounded annually: 2552.56 Compounded monthly: 2566.72
With simple interest, it is 1.5% per month. If compounded, it is 1.389% approx.
Assuming that the interest rate is 9.75% per year, the answer will depend on how often the interest is compounded.