What happens during a monthly close and an annual close?
Take the semi-monthly rate and multiply by 12 to get the annual rate. Then take the annual rate and divide by 2080. To veryify your answer, take the hourly rate you just calculated and multiply by 86.67 and see how close you come back to the semi-monthly rate. Or, you can take the semi-monthly rate and divide by 86.67 (average hours in semi-monthly pay period) to get an hourly rate.
A 'Mounding Annual' is a plant that grows upward, as apposed to trailing close to the ground.
Close to 60"
120 x (1.0621). You need a calculator with logarithms to solve this quickly. Take the log of 1.06, multiply that by 21 then take the antilog. The answer should be close to 3.4 I have 3.995636 which would give 407.95 to the nearest cent. Later: Sorry, this is based on annual compounding. For monthly the equation is 120 x (1.005252). You're on your own, I'm afraid! * * * * * The second part of the above answer is correct if this is purely a mathematical exercise. However, 6% compounded monthly is an annual interest rate of approx 101.2%. If you know anyone who gives even a tenth of that rate I would be interested to know! What happens, in real life, is that the financial company advertises the annual equivalent rate of their monthly rate. So, a 6% rate, compounded monthly, is really 0.487% monthly. This is because 0.487% compounded 12 times is 1.0048712 = 1.06, or 6% per annum. Then the real life problem reduces to 6% per annum for 21 years, which is 120*(1.06)21 = 407.95 - as in part 1 of the above answer. * * * * * The last paragraph above is incorrect. As was stated in the first answer, that would be for annual compounding. To calculate 6% per annum (which is what we usually mean by interest rates) compounded monthly, you first convert the interest rate to a monthly rate by dividing by 12, and that of course is half a percent per month, so every month the balance is multiplied by 1.005. So the answer of 120 x (1.005252) given there is correct. On the scientific calculator on my computer, I get $421.72.
A Payday candy bar is as close as it gets.
you may get flooded if you are living too close to the waterfall, it can be very dangerous
I think it does close to what the photosphere does
with my eyes...
what did so many banks close during the great depression
2 (or more) people get up close and personal...
This happens when you blink.
stay calm and get somebody close to you