Only if the 1% per month is compounded annually and not monthly.
compounded annually--$43,219 compounded quarterly--$44,402 compounded monthly-- $44,677 compounded daily--$44,812
"Compounded annually" means that the interest is added once a year.
It is compounded twice a year. The formula is A=P(1+rt) P is how much is put in, r is the percentage as a decimal, t is how many times it is compounded a year so in this case it would be 2. So if deposited $1000 in a bank at 8% that is compounded semi annually, the formula would look like this. A=$1000(1+.08(2))
8.6% per annum compounded annually
No.
500 invested for 5 years at 7% interest compounded annually becomes 701.28
Invest at an amount of 200000 at a bank that offers an interest rate of 7,6%p.a Compounded annually for a period of 3 years
9.066% annually compounded or 8.87% semi-annually compounded.
4500233.00
8029.35
Compounded annually: 2552.56 Compounded monthly: 2566.72