Formula for annual compound interest: at the end of the term balance will be
P x (1+ I/100)t where P is original investment I = interest rate and t = term.
In this case P = 8459, I = 6 and t = 8, so the calculation is 8459 x (1.06)8
= 8459 x 1.593848 = 13482.36
13468.02
189.89
No. If the account is earning interest the current amount should be greater than the initial deposit.
Assuming you deposit the money on the first day of each year you will have 2,124 from the 1,400 you'd deposited earning a total of 724 interest
£765.31
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.
13468.02
$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.
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.
Yes. Currently it is 8.6% per annum compounded annually
189.89
No. If the account is earning interest the current amount should be greater than the initial deposit.
30.00
6% compounded annually is equivalent to an annual rate of 12.36%. To increase, at 12.36% annually for 3 years, to 10000, the initial deposit must be 7049.61
4000 x (1.0610) = $7163.39
$10608
Roxanne deposited $300 into a savings account earning 5¼% annually. What is her balance after 1 year