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After 3 years, Remington earned $390 in simple interest from a CD into which he initially deposited $4000. What was the annual interest rate of the CD?
3.25%
What else can I help you with?
After 2 years Deion earned 270 in simple interest from a CD into which he initially deposited 6000. What is the annual interest rate of the CD?
2.25 percent apex
How much interest will be earned in an account into which 1000 is deposited for one year with continuous compounding at a 13 percent rate?
The "13 percent rate" is the equivalent annual rate. So the interest will be 130.
Tanya deposited 325.00 in a bank that pays 7 annual interest how much interest will she earn after a year?
About 23 cents if and only if the minimum balance remains at that amount for 1 year and the bank pays compound interest annually.
A teacher deposited 3000 in a retirement fund If she didn't add any more money to the fund which earns an annual interest rate of 6 percent how much money would she have in 1 year?
A teacher deposited $3,000 in a retirement fund. If she didn't add any more money to the fund, which earns an annual interest rate of 6%, how much money would she have in 1 year
What if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
Jane deposited $22,000 at a bank that pays 10% interest. Bill deposited $16,000 at a bank that pays 16% interest. Who will receive more interest in a year, and by how much more?
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How can I calculate the monthly interest rate from an annual interest rate?
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How to convert a monthly interest rate to an annual interest rate?
To convert a monthly interest rate to an annual interest rate, you can multiply the monthly rate by 12. This will give you the annual interest rate.
Compound Interest Model?
A=P(1+r/n)^nt. where P is the initial principal deposited in an account that pays interest at annual rate r(expressed as a decimal), compounded n times per year. the amount after t years.
How do you convert annual interest rate to monthly?
Let i = annual rate of interest. Then i' = ((1+i )^(1/12))-1 Where i' = monthly rate of interest
What is the true annual rate of interest charged?
The true annual rate of charged interest is called the annual percentage yield. It is the interest charged and compounded against.
Can you give me the continuous compound interest formula?
Compound Interest FormulaP = principal amount (the initial amount you borrow or deposit)r = annual rate of interest (as a decimal)t = number of years the amount is deposited or borrowed for.A = amount of money accumulated after n years, including interest.n = number of times the interest is compounded per yearExample:An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years?Solution:Using the compound interest formula, we have thatP = 1500, r = 4.3/100 = 0.043, n = 4, t = 6. Therefore, So, the balance after 6 years is approximately $1,938.84.
