$300 x (1 + 1/300)96 = $412.92 (rounded)
635.24
313.37
610.5
At 4% annual interest compounded monthly, it's 96 periods of 1/3% each.300 x (1.00333...)96 = 412.92 (rounded)
How much would $500 invested at 9% interest compounded annually be worth after 4 years? 705.79
635.24
161.35
313.37
322.7
648.68
187.32
283.52
572.56
610.45
275.28
674.43
$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