Question

A $1,000 deposit is made at a bank that pays 12% compounded

How much will you have in your account at the end of 10
monthly.
years?

Answer 1

Answer- 3,315.53007332

Explanation:

In this example the compounded is weekly, so the interest rate has to be converted to a weekly interest rate of tex2html_wrap_inline224 .

At the end of the first week, you will have the $1,000 you had at the beginning of the week plus the interest on the $1,000 or tex2html_wrap_inline226 . At the end of the week you will have

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