Question

Perry Deposited 8,250 into a savings account 13 years ago. The account has an interest rate of 4.7% and then balance is currently 14,988.59. how often does the interest compound?

daily
monthly
quarterly
annually

Answer 1

Perry deposited $8,250 into a savings account 13 years ago. The account has an interest rate of 4.7% and the balance is currently $14,988.59.

Answer 2

instead of dividing it would be annually but if your multiplying then it would br monthly.