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.
14.651
It is 0.833... recurring % if the interest is simple, or compounded annually. If compounded monthly, it is approx 0.797 %
$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
1000 x (1.01)12 = $1126.83
$194.25 if interest is compounded annually. A little more if compounded quarterly, monthly, or daily.
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
If the interest is simple interest, then the value at the end of 5 years is 1.3 times the initial investment. If the interest is compounded annually, then the value at the end of 5 years is 1.3382 times the initial investment. If the interest is compounded monthly, then the value at the end of 5 years is 1.3489 times the initial investment.
"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
$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
1000 x (1.01)12 = $1126.83
$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.
$44,440.71
Interest = 2472