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Compound Interest- 1/27

Last updated over 4 years ago

4 Nsɛmmisa

Akwankyerɛ

Show your work on a separate sheet of paper.

1

Asemmisa {{asɛmmisaAhyɛnsode}}

1.

You deposit $2200 in a bank account that pays 3% annual interest compounded quarterly. Find the balance after 4 years. Round to the nearest cent.

1

Asemmisa {{asɛmmisaAhyɛnsode}}

2.

You deposit $2200 in a bank account that pays 3% annual interest compounded monthly. Find the balance after 4 years. Round to the nearest cent.

1

Asemmisa {{asɛmmisaAhyɛnsode}}

3.

You deposit $2200 in a bank account that pays 3% annual interest compounded daily. Find the balance after 4 years. Round to the nearest cent.

1

Asemmisa {{asɛmmisaAhyɛnsode}}

4.

Looking at the three situations in questions #1-3, which account pays you the most interest?

Compounded quarterly (#1)

Compounded monthly (#2)

Compounded daily (#3)