Assuming that 1.5% annual interest is converted to monthly basis with the same amount, then the monthly interest should be: 1.5%/12= 0.125%.

If you put $1000 for annual interest, the saving account would become: $1000*(100%+1.5%)= $1015

If you put $1000 for monthly interest, the saving account would become: ($1000*(100%+0.125%)= $1000*1.0151035559= $1015.10

Then, the money difference should be: $1015.10-$1015= $0.10

6 0

3 years ago

Which of the following is the balance for a single $3,200 deposit in an account with an APR of 2.6% that compounds interest quar

Flauer [41]

Answer:

$FV= 3200(1+\frac{0.026}{3})^{3(6)}=3200 (1.008667)^{54}= 50994.590$

Step-by-step explanation:

For this case we can use the formula for the future value with compound interest given by:

$FV= P (1+\frac{r}{n})^{nt}$ (1)

For this case since the interest is compounded quarterly we have 3 periods each year, since we have 3 quarters in a year.

r represent the rate =0.026

t = 6 represent the number of years

P = 3200 represent the amount invested at the begin

If we apply the formula (1) we got:

$FV= 3200(1+\frac{0.026}{3})^{3(6)}=3200 (1.008667)^{54}= 50994.590$

So then the balance after 6 years would be approximately 50995 with the conditions provided.

7 0

3 years ago

Which ordered pair named the location of Melinda's house?

kati45 [8]

Answer:

Step-by-step explanation:

4 0

3 years ago

she scored 90 more points than her teamate. together they scorred 1566. how many points did each person get

kiruha [24]

90*1566=140,940 because how many means times

3 0

3 years ago