Interest for 1st year = $6
Principal after 1 year = $206
Interest for 2nd year = $6.18
Principal after 2 year = $212.18
Total Interest earned after 2 years = $12.18
$4.63
13468.02
The "13 percent rate" is the equivalent annual rate. So the interest will be 130.
1000*(1.08)6 = 1586.87.
No if the account earns interest daily, it's earning interest on interest essentially. So if you have $100 and you earn 1% interest, you would have $101 dollars the next day and earn 1.01 dollars in interest, and so on.
963
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.
5000
$4.63
30.00
13468.02
The "13 percent rate" is the equivalent annual rate. So the interest will be 130.
100
(10000)(0.8)(5)/100 ~ 10400
Amount Deposited = 5000 Rate of Interest = 7.25 Years = 3 Interest earned = 5000 * 7.25 * 3 / 100 = 1087.50 They will have 6087.50 at the end of 3 years (Under the assumption that no compounding was involved)
1000*(1.08)6 = 1586.87.
No if the account earns interest daily, it's earning interest on interest essentially. So if you have $100 and you earn 1% interest, you would have $101 dollars the next day and earn 1.01 dollars in interest, and so on.