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Andrea deposited 300 in a savings account that pays 3 percent simple annual interest How much interest will Andrea earn at the end of 3 years?
Wiki User
∙ 12y ago
With SIMPLE ANNUAL interest, the interest is only applied once at the end of each year. So:
At the end of the first year she earns $3 in interest. Her balance is $303.
At the end of the second year, she earns $3.03 in interest. Her balance is $306.03.
At the end of her third year she earns $3.06 in interest. Her balance in now $309.09.
She earned a total of $9.09.
She can now buy the unicorn she has had her eye on, because she is living in a fantasy world (since there is no such thing as a savings account with 3% interest in todays economy. She'd be lucky to find one providing over 1%.)
Wiki User
∙ 12y ago
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If you deposited 1000 in a savings account that pays 8 percent interest quarterly how much could you have in eighteen months?
1000*(1.08)6 = 1586.87.
Ryan wants to place 700 into a savings account for five years He wants to deposit 400 at 4.0 percent interest and the rest in another account at 6.5 percent interest What would his amount of interest?
177.50
Juan deposited 200 in a savings account earning 3 percent interest over 2 years What was the total amount of interest earned after 2 years?
Interest for 1st year = $6 Principal after 1 year = $206 Interest for 2nd year = $6.18 Principal after 2 year = $212.18 Total Interest earned after 2 years = $12.18
Eric earns 6.5 percent simple interest annually on his savings account he has a beginning balance of 459.32 How much interest does he receive?
29.86
Sam has a savings account that increased in value over a 12 month period from 8765.00 to 9006.04 what percent interest did he receive?
2.75%
You opened a savings account with the deposited 5000 in a six percent interest rate compounded daily what is the amount in the account after 180 days?
If you opened a savings account and deposited 5000 in a six percent interest rate compounded daily, then the amount in the account after 180 days will be 5148.
Mark deposited 1256 dollars from his summer job in a savings account that pays 4.5 percent interest How much interest will he earn after one year?
100
Savings account A has 1500 and pays 3.5 percent interest yearly Savings account B has 1400 and pays 4 percent interest yearly The savings account that earned the most interest after one year is?
Account B
If i deposited 235.00 in 1974 in a savings account what would be my balance?
The amount in your balance would depend on the interest rate of your savings account.
If you deposited 1000 in a savings account that pays 8 percent interest quarterly how much could you have in eighteen months?
1000*(1.08)6 = 1586.87.
What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
Juan deposited 900 in a savings account earning 4 percent interest over two years what was the total ammount earned after 2 years?
963
What is the purpose of a savings?
A Savings Account is a type of account that is designed to promote savings among the general public. You can deposit and withdraw money from this account but at the same time the bank offers you an interest on the money deposited into the account.
What are the interest rates on a savings account?
Savings account interest rates can vary depending on where you're banking. These can rand from 2 percent all the way down to .65 percent. This also depends on where you have your account and how long you've had it for or if you open an account up during these interest rate deals.
What is a compound interest savings account?
Its where your savings account earns interest on the interest.
Karen deposited 8500 dollars in a college savings account for her grandson The account earns an annual simple interest rate of 6.5 percent How much money will she have at the end of ten years?
8500 x ((1.065) to the 10th power) = 15955.67
What are the typical interest rates on a savings account?
The typical interest rates on a savings account is around one to three percent. You can ask bank of america or us bank. Wells Fargo offers the highest percentage on savings.
