I am very confused i am doing my finance hw and I did the problems and checked the answers in the back of the back of the book and i am way off. But I know I am right so can someone answer this for me because i beleive the text book is wrong.
if $100 is invested at 6% compounded monthly what is the amount after 4 years?
2006-10-26 09:21:37 · 4 answers · asked by TONY 1 in Business & Finance ➔ Other - Business & Finance
This isnt that ******* hard of a question!!!!!!
2006-10-26 09:28:37 · update #1
phew, got it right... 100*(1.06^48) = 1639
what did the text book say?
2006-10-26 10:50:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I got $1639.04. $388 is $100 w/ 6% compounded simply.
Formula is y =(100)(1 + .06/12) ^ 48
2006-10-26 16:59:46 · answer #2 · answered by ht_butterfly27 4 · 0⤊ 0⤋
388? i'm probably wrong though =(
2006-10-26 16:32:09 · answer #3 · answered by sophia's mommy 2 · 0⤊ 0⤋
$1639.39
2006-10-26 16:36:14 · answer #4 · answered by r g 3 · 0⤊ 0⤋