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3 years ago

What would my final balance be if I put $650 in the bank for 60 months with an interest rate of 6%?

1 answer:

5 0

It depends on the terms of the account.

If interest is compounded annually, 650*1.06^5 ≈ 869.85 . . . . dollars.
If interest is compounded quarterly, 650*1.015^20 ≈ 875.46 . . dollars.
If interest is compounded monthly, 650*1.005^60 ≈ 876.75 . . .dollars.

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2 years ago

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