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I invested $4000 in a bank who offers 5 percent monthly interest (the interest covers the total amount of money currently present in the bank including the previously added interest). How much money would I have after 40 months
 one year ago
 one year ago
I invested $4000 in a bank who offers 5 percent monthly interest (the interest covers the total amount of money currently present in the bank including the previously added interest). How much money would I have after 40 months
 one year ago
 one year ago

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hartnnBest ResponseYou've already chosen the best response.1
simply use the formula for monthly compound(or simple?) interest. \[A = P (1+r/12)^{12n} \] P = principle amount = 4000 r= rate = 5% = 0.05 n= no. of months = 40
 one year ago

moongazerBest ResponseYou've already chosen the best response.1
Thanks. What if I am also adding $1000 per month?
 one year ago

hartnnBest ResponseYou've already chosen the best response.1
hmm...tricky, i am not sure, but it'll be (P + 1000n) instead of just P .
 one year ago

moongazerBest ResponseYou've already chosen the best response.1
Thanks. I'll try that :)
 one year ago
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