if $550 are deposited into an account with 9% interest rate, compounded monthly, what is the balance after 6…
if $550 are deposited into an account with 9% interest rate, compounded monthly, what is the balance after 6 years? now, enter n, or the number of times the interest is compounded every year. n = ?
Answer
Explanation:
Step1: Identify compound - ing frequency
Since the interest is compounded monthly, there are 12 months in a year.
Step2: Determine the value of n
The number of times interest is compounded per year for monthly - compounding is 12.
Answer:
12