0
How long does money in a savings account take to double itselfat 4 percent interest compounded annually?
Wiki User
∙ 13y ago
18 years. Let us say you deposit $1000 today @ 4% rate of interest compounded annually, you will have $1040 at the end of year 1. Similarly you'll have the following amounts year wise.
1
1040
2
1081.6
3
1124.864
4
1169.859
5
1216.653
6
1265.319
7
1315.932
8
1368.569
9
1423.312
10
1480.244
11
1539.454
12
1601.032
13
1665.074
14
1731.676
15
1800.944
16
1872.981
17
1947.9
18
2025.817
So, at the end of year 18 you will have $2025.817 which is more than double of what you deposited on year 1.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
June deposited 8450 in an account that pays 6 percent interest compounded annually find the amount she will have in the account at the end of 8 years?
13468.02
How many years to use up 400000.00 earning 4 percent interest taking 24000 a year?
Assuming interest compounded annually, at the end of 29 years there will be only 270 in the account so it will not be possible to take 24000 in the 29th year.
A principal of 700 is invested in an account at 6 per year compounded annually What is the total amount of money in the account after 5 years?
There is 936.76
What is the answer of the balance in the compound interest account 1400 after 3 years at 5.5 percent?
The question doesn't tell us the compounding interval ... i.e., how often theinterest is compounded. It does make a difference. Shorter intervals makethe account balance grow faster.We must assume that the interest is compounded annually ... once a year,at the end of the year.1,400 x (1.055)3 = 1,643.94 (rounded)at the end of the 3rd year.
A bank account yields 7 percent interest compounded annually If you deposit 1000 in the account what will the account balance be after five years?
Per annum compound interest formula: fv = pv(1+r)^t Where: fv = future value pv = present (initial) value r = interest rate t = time period Thus, fv = 1000*(1+0.07)^5 = 1000*1.4025517307 = $1402.55
What does compounded annually mean?
At the end of the year the interest is deposited in the account. The next year the interest is figured on the principal plus last year's interest.
If you deposit 10000 in a bank account that pays 10 percent interest annually how much would be deposited in your account after 5 years?
$16,105.10 if compounded yearly, $16,288.95 if compounded semi-annually, $16,386.16 if compounded quarterly, $16,453.09 if compounded monthly, and $16,486.08 if compounded daily.
Do you get any interest on the sum saved in provident fund account?
Yes. Currently it is 8.6% per annum compounded annually
June deposited 8450 in an account that pays 6 percent interest compounded annually find the amount she will have in the account at the end of 8 years?
13468.02
If 4000 dollars is invested in a bank account at an interest rate of 6 per cent per year what will be the amount after 10 year if interest is compounded annually?
4000 x (1.0610) = $7163.39
You deposit 2000 in a savings account that pays 10 percent interest compounded annually How much will your account be worth in 15 years?
7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-
You have a savings account that provides 5% interest, compounded annually, on your total balance. You put $1000 in the account 10 years ago but forgot about it (you haven’t added more money and you haven’t withdrawn money)?
The final amount is $1,647.01
Jeanne's parents want to begin saving money for her college education If they put 5000 in an account with an interest rate of 3.55 compounded annually how much money will Jeanne have after 12 yea?
$62130
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.
How many years to use up 400000.00 earning 4 percent interest taking 24000 a year?
Assuming interest compounded annually, at the end of 29 years there will be only 270 in the account so it will not be possible to take 24000 in the 29th year.
A principal of 700 is invested in an account at 6 per year compounded annually What is the total amount of money in the account after 5 years?
There is 936.76
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.
