Explore BrainMass

Explore BrainMass

    Compound interest rate formula

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    You have deposited $2,200.00 in a bank account. What will its balance be after 4 years if the bank pays:
    A. 3% annual interest compounded quarterly.
    B. 2.25% annual interest compounded monthly.
    C. 2% annual interest compounded daily.

    Use the compound interest rate formula.

    © BrainMass Inc. brainmass.com December 15, 2022, 7:57 pm ad1c9bdddf
    https://brainmass.com/business/interest-rates/compound-interest-rate-formula-262299

    Solution Preview

    You have deposited $2,200.00 in a bank account. What will its balance be after 4 years if the bank pays:
    A. 3% annual interest compounded quarterly.
    B. 2.25% annual interest compounded monthly.
    C. 2% annual interest ...

    Solution Summary

    The response provides the steps to compute the compound interest rate.

    $2.49

    ADVERTISEMENT