Time conversions
6 months
t = 0.5
3 years
Compounded annually
N = 3
P = $2,000; R = 4%; t = 0.25
What is $2,020
How do you turn a percentage into a decimal?
Divide the percentage by 100
13 weeks
t = 0.25
18 months
compounded semi annually
N =3
P = $2,020; R = 4%; T = 0.25
What is $2040.2
The frequency of quartely
4
38 months
t = 3.17
52 weeks
Compounded weekly
N = 52
P = $2,040.2; R = 4%; T = 0.25 years
What is $2,060.6
2.37% as a decimal
0.0237
100 days
t = 0.27
8 days
Compounded daily
N = 8
P = $2,060.6; R = 4%; T = 0.25 years
What is $2,081.21
The frequency of semi-anually
2