You have deposited 1000$ in your saving account with an anual interst rate of 4 percent compund monthly. How much money are you going to have in your account after six months.
Use A=P*(1+r)^6
r=.04/12=.01/3, P=1000
IS THE ANSWEAR 5610.23
No, if the annual interest rate is 4% then the answer should be close to 1040.
If you use A=P*(1+r)^6 with r=(.04)/12 = .033333 and P=1000 you shouldn't get
that for an answer.
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