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Q: Calculate the simple interest you would receive in one year on a savings account that earns 5 percent annual interest What if your beginning balance is 255.19?
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What is the interest compounded annually when 5000 is invested in an account paying 6.38 percent interest for 10 years?

At the end of the first year, the balance in the account is: 5000(1+.0638). At the end of the second year, the balance in the account is: 5000(1+.0638)(1+.0638). At the end of the third year, the balance in the account is: 5000(1+.0638)(1+.0638)(1+.0638). At the end of the t year, the balance in the account is: 5000(1+.0638)^t. So, at the end of the tenth year, the balance in the account is 5000(1+.0638)^10 = 9,280.47. $5,000 is your principal, and the remaining ($9,280.47 - $5,000) = $4,280.47 is the interest.


What would be the ending balance of a 700 savings account earning 8 percent interest compounded quarterly after 3 years?

8 percent compounded quarterly is equivalent to approx 36% annually. At that rate, after 3 years the ending balance would be 1762.72 approx.


The equality of the accounting equation can be proven by preparing a?

trial balance


The balance in Beths checking account is 75 she must deposit enough money in her account to be able to pay the electric bill which us 110 how much should she deposit?

Current Balance: 75 Amount needed for Electricity Bill: 110 Amount that needs to be deposited = 110 - 75 = 35 Beth needs to deposit atleast 35 dollars if she wants enough money to pay her electricity bill.


10 deposited in the bank for a year with a 6 interest compound rate at the end of 3 years your balance is?

Assuming that is 6% per year: amount = capital x (1 + rate)^number_of_periods = 10 x (1 + 6%)^3 = 10 x 1.06^3 ≈ 11.91

Related questions

Calculate the simple interest you would receive in five years on a savings account that earns 7.5 percent annual interest What if your beginning balance is 1236.59?

463.72


Calculate the simple interest you would receive in five years on a saving account that earns 7.5 annual interest Your beginning balance is 1236.59?

The simple interest over a period of five years is $463.70


Calculate the new balance after one year on a savings account if the previous balance was 230.10 and the interest rate was 4.?

239.30


what Calculate the new balance after one year on a savings account if the previous balance was $230.10 and the interest rate was 4%.?

239.30


Calculate the new balance after one year on a savings account if the previous balance was 125.39 and the interest rate was 5 percent?

$131.66


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


How do you calculate interest in saving account Ethiopia?

the minimum balance witin the month times times pevailing interest rate multiplied by month and divide by 12


Which type of checking account pays interest on the mean balance of the account during a particular cycle?

Average Balance account


Calculate the simple interest you would receive in one year on a savings account that earns 5 annual interests Your beginning balance is 255.19?

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!


Is interest payable a credit or debit?

Interest payable is liability account and have a credit balance as a normal balance.


What amount of money in a checking or a savings account upon which interest is based?

The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.


How can one calculate their interest?

The formula used to calculate your interest is the principle balance, multiplied by the monthly interest rate. Then you mulitply that by the number of months in which you last paid interest.