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    zdub's Avatar
    zdub Posts: 2, Reputation: 1
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    #1

    Jan 9, 2013, 08:23 PM
    If you put $100.00 into a savings account each month, how much will you have at the e
    If you put $100.00 into a savings account each month, how much will you have at the end of one quarter if the account pays 6 percent annual interest that is compounded quarterly?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Jan 10, 2013, 05:05 AM
    You don't need a calculator to answer this question it is mental arithmetic

    100+100+100 + [100*.06/12] + [100*.06/6] + [100*.06/4] assuming the investment is made on the 1st day of each month. To be absolutely correct we would need to know the start date and calculate interest on the number of days
    zdub's Avatar
    zdub Posts: 2, Reputation: 1
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    #3

    Jan 10, 2013, 07:59 AM
    Awesome paraclete, that helped a lot, thank you!
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