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Q: Invest $500,000 in a savings account at 6% compound interest quarterly for 5 years monthly.
A: Total interest is 1501.8 and total amount is 501501.8.
Expert answered|joanbenson50|Points 10|
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Asked 6/26/2012 3:46:18 PM
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ven interest of $1,632 with principal of $16,000 for 306 days (ordinary interest), results in a rate of: a. 10 percent b. 12 percent c. 12 1/2 percent d. 13 percent e. None of these
Weegy: Given interest of $1,632 with principal of $16,000 for 306 days (ordinary interest), results in a rate of? 10 percent 12 percent 12 1/2 percent 13 percent None of these (More)
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Expert Answered
Updated 7/1/2012 5:06:06 PM
2 Answers/Comments
Given interest of $1,632 with principal of $16,000 for 306 days (ordinary interest), results in a rate of 12%.

1632=16000*306/360*r
1632=13600*r
r=1632/13600
r=0.12 = 12%
Added 7/1/2012 5:05:39 PM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [4/28/2016 8:32:14 PM]
Please don't just repeat the question. Either provide an answer or pass it to another expert.
Added 7/1/2012 5:06:08 PM
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