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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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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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%

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, not copied, 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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