"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
Compounded annually: 2552.56 Compounded monthly: 2566.72
610.45
635.24
313.37
compounded annually--$43,219 compounded quarterly--$44,402 compounded monthly-- $44,677 compounded daily--$44,812
It will take 11.9 (or 12) years.
10412.5
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.
"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
Compounded annually: 2552.56 Compounded monthly: 2566.72
$194.25 if interest is compounded annually. A little more if compounded quarterly, monthly, or daily.
$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
$16,105.10 if compounded yearly, $16,288.95 if compounded semi-annually, $16,386.16 if compounded quarterly, $16,453.09 if compounded monthly, and $16,486.08 if compounded daily.
572.56
1862
283.52