Phillip deposited $5,670 into a savings account 19 years ago. The account has an interest rate of 4.1% and the balance is currently $12,356.04. How often does the
interest compound?

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Today at 4:22 AM
Mathematics

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Phillip deposited $5,670 into a savings account 19 years ago. The account has an interest rate of 4.1% and the balance is currently $12,356.04. How often does the
interest compound?

Answer :

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Thelondonbrain Thelondonbrain · Answer 1 · 2025-03-29T04:27:44-04:00

Thelondonbrain Thelondonbrain

Today at 4:27 AM

Answer:

$12165.97

Step-by-step explanation:

100 + 4.1 = 104.1%

104.1% = 1.041

$5670 x 1.041^19 = $12165.97

Answer Link

ashleyheyman ashleyheyman · Answer 2 · 2025-03-29T04:27:46-04:00

ashleyheyman ashleyheyman

Today at 4:27 AM

Answer:

daily

Step-by-step explanation:

To answer this try plugging in each type of compund: daily, monthly, quarterly, and annually.

5670(1+0.041/365)^(365*19)

= 12356.04

365= daily

so your answer would be that the interest compounds daily.

Answer Link

Phillip deposited $5,670 into a savings account 19 years ago. The account has an interest rate of 4.1% and the balance is currently $12,356.04. How often does the interest compound?

Answer :

Other Questions

Phillip deposited $5,670 into a savings account 19 years ago. The account has an interest rate of 4.1% and the balance is currently $12,356.04. How often does the
interest compound?