how much interest would you earn in one year on an $1000 investment earning 5% interest if the interest is compounded once, twice, four times, twelve times, or 365 times a year?
im following the equation A = P(1+r/n)^nt but my answers dont seem to be correct :((
Compounded annually =$1,050.00
Compounded semi-annually =$1,050.63
Compounded quarterly = $1,050.95
Compounded monthly =$1,051.16
Compounded daily = $1,051.27