"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
If it is not compounded the interest would be 2000x10x.05=1000 If it is compounded then it is different.
It earns 431.0125 . After 4 years, it has grown to 2,431.01 .
Compounded annually: 2552.56 Compounded monthly: 2566.72
Interest = 2472
Simple interest compounded annually and reinvested will yield 619173.64 before taxes.
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
100000 x 1.125
"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
If it is not compounded the interest would be 2000x10x.05=1000 If it is compounded then it is different.
$194.25 if interest is compounded annually. A little more if compounded quarterly, monthly, or daily.
It earns 431.0125 . After 4 years, it has grown to 2,431.01 .
Compounded annually: 2552.56 Compounded monthly: 2566.72
It depends on when it's compounded. Left alone and compounded annually, the total is 441.87.
Interest = 2472
$44,440.71
1257