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I = (P x T x R) / 100. This is simple interest.
If the interest is compounded on a daily basis, for 365 days, the equivalent rate is 0.04466 per cent.
4000 x 1.05 = 4200 4200 x 1.05 = 4410
The interest earned is 59153.62
Simple interest is calculated: Interest= Principle X Rate X Time. In this case Interest= 20000 X .089 X 6 (72 months= 6 yrs) which equals $10680 in interest. You would owe/pay $30680 at the end of the 72 months.
A simple interest rate of 10 per cent per year will double a sum of money in ten years.
2(3)(10)/4 = 15%
4
The amount of interest earned on an investment of C, for y years at r per cent is C*y*r/100.
I = (P x T x R) / 100. This is simple interest.
(5.1 x 4.25)/4 = 5.42
If the interest is compounded on a daily basis, for 365 days, the equivalent rate is 0.04466 per cent.
At 4% annual interest compounded monthly, it's 96 periods of 1/3% each.300 x (1.00333...)96 = 412.92 (rounded)
4000 x 1.05 = 4200 4200 x 1.05 = 4410
1/12th of 5% because there are 12 months in a year. ANSWER:- 1/60th per cent, which is the same as 0.01667 of the amount invested.
68200*0.09*3=18414 note: have to move the rate to places over
The interest earned is 59153.62