The answer is 255.19*0.05 = 12.7595 which means you will get 12.75 because a bank is unlikely to round up in your favour!
The simple interest over a period of five years is $463.70
18.90currency as an interest..
Nominal interest, is the amount of interest on a loan or investment that does not take into account inflation; it's the amount of interest listed on the loan or bond.
29.86
It depends on the terms and conditions etc of the type of savings account. Some savings accounts have interest calculated monthly (on daily balances), and credit the amount of interest to the account monthly. Others do an annual calculation of interest, also based on daily cleared balances, but only credit the account once a year. If interest is credited each month, each subsequent month you also get interest on the interest previously credited to the account. Alternately, if the interest is paid/credited only annually, the sum credited is the total interest for the year. Interest rates are quoted taking these factors into account. An account which credits interest monthly will always pay a slightly lower Gross rate of interest than an account that has an annual interest period. This is to take account of the fact that the return on an account where the balance is increasing monthly (due to interest being added each month) will always give a higher return in the year compared to an an account with the same Gross interest rate, but which is calculated and credited only once a year.
12.76
463.72
The simple interest over a period of five years is $463.70
18.90currency as an interest..
Nominal interest, is the amount of interest on a loan or investment that does not take into account inflation; it's the amount of interest listed on the loan or bond.
18.90 as an interest. and principle wil remain same.
29.86
You can calculate the value of savings in an account by multiplying your savings by the annual interest rate eg savings of 500 with 1% interest are worth (500 x 0.01) + 500 = 505.
Lets say you are going to deposit $1000 in your bank for one year. a. Savings account - 1% rate of interest - Interest earned = $10 b. Certificate of Deposit - 4% rate of interest - Interest earned = $40 checking account has little or 0% interest so I havent used it here.
the minimum balance witin the month times times pevailing interest rate multiplied by month and divide by 12
Benefits for interest savings accounts include having quick access to money in case of an emergency. Although, saving accounts don't make much interests now a days having money in a savings account making interest is better than a checking account not making any interest.
In your Gmail account, click on iGoogle and you will be asked for your interests. You can check the relevant boxes, and then click "ok" to save your interest choices.