Russell R. answered 08/30/13
Excel, PowerPoint, Access, Financial Analysis & Budgeting
Barbara R.
asked 08/30/13Russell R. answered 08/30/13
Excel, PowerPoint, Access, Financial Analysis & Budgeting
Robert P. answered 08/30/13
All things Math
Kirill Z. answered 08/30/13
Physics, math tutor with great knowledge and teaching skills
Gene G. answered 08/30/13
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Lenny D. answered 01/12/20
Financial Professional with many years of Wall Street Experience
3200 Today compounding at some monthly rate i for 36 months must equal 4200
or 3200*(1+i)^36= 4500 or 4500/3200 = (1+i)^36. take the 35th root of both sides and get = 1.00952 or .952% per month or 11.418% simple annual rate If the deposit only compounded annually we would get (4500/3200)^(1/3 = 1.12035 or annually compounding at 12.035%. Monthly compounding has your interest earning interest earlier.
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