How much will $1000 be worth in 1 year if it is invested with 4% interest compounded monthly?
Added by Andr-S V.
Step 1
- The principal amount is $1000. - The interest rate is 4% per year, which is 0.04 in decimal form. - The compounding frequency is monthly, which means the interest is compounded 12 times a year. Show more…
Show all steps
Close
Your feedback will help us improve your experience
Ahmet Yavas and 69 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
If we invest $4,000 in an investment account paying 4% interest compounded quarterly, how much will the account be worth in 10 years?
Ahmet Y.
How much would $500 invested at 6% interest compounded monthly be worth after 4 years
Tim T.
If $2,500 is invested at an interest rate of 4% per year, compounded quarterly, how much will the investment be worth at the end of 10 years?
Adi S.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD