5000
The formula for simple (ordinary) interest on a bank deposit is Deposit Amount x Rate x Time (# of days) on Deposit.
775
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First find out what the interest rate is from the money lender or deposit taker.
If you are looking to save money, a certificate of deposit account is a great option for you. A CD is similar to a savings account in that the money you deposited is insured by the government. However, there are several differences. When you open a CD, you agree to leave your money in the bank for a set amount of time. During this time, you cannot withdraw the funds. Doing so could cause you to pay significant penalties. In return, a CD offers the best interest rates of any savings account. The longer you leave your money in the account, the better interest rate you will receive. Figuring how much interest you will gain from a CD depends on several factors. In order to calculate how much you will gain by opening a CD, you need to figure out how long the terms are and what the interest rate will be. Generally speaking, most CDs range in duration from a few months to five years. Once you know how long you want your CD to last, you should receive an interest rate. Interest rates vary depending on the market. However, once you lock in to a rate it will not change. When you sign up for the account, you will receive your interest rate in writing. So how do you calculate CD growth? Assuming your interest compounds annually, the calculation is pretty simple. The first thing you need to do is convert your interest rate in to a format that is easy to calculate. For example, let's say your interest rate is 3%. You would then use .03 for the purpose of calculating growth. The next thing you want to do is add one to this number. This is to account for the percentage you want to add to the principal. This would make the number you want to use in your calculation 1.03. The next step is factoring in how many years or months it takes for the CD mature. Let's say you have a CD that is five years long. You would then raise 1.03 to the fifth power. This would give you a new number of 1.15927. Once you have this number, multiply your original deposit by it. For example, if you deposit $1,000 in to the CD, multiply that by 1.15927. This gives you an amount of $1,159.27. This is how much the CD will be worth when it matures.
(10000)(0.8)(5)/100 ~ 10400
No. If the account is earning interest the current amount should be greater than the initial deposit.
Adding the interest to the original deposit accelerates the deposited value.
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.
direct deposit
Principle = 10,000/-Interest Rate = 0.08Tenor = 5 YEARSValue of deposit on maturity = Principle X (1+Interest Rate) ^ Tenor= 10,000 X (1+0.08)^5 = Rs 14,693.28
I deposited the cheque into my bank account. I made a deposit on the new T.V. set.
A deposit account that pays interest.
A deposit account that pays interest.
No, you cannot deposit a business check into a personal checking account. You can only deposit a check into an account that shares the same name, i.e. A check is made out to ABC company--it can only be deposited into an account that is titled ABC company. It cannot be deposited into a personal account--even if that is the personal account of the owner.
According to http://en.wikipedia.org/wiki/Certificate_of_deposit a certificate of deposit is money deposited for an agreed upon amount of time that generally pays better interest rates than a regular savings account.
Sure you can. It's your money and your account and you can close it anytime you wish. However, if you are closing your deposit account before its intended maturity date the bank can charge you a small penalty on the interest component for doing so. But the original money you deposited will not be touched and will be refunded in full when you close the account.