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You deposit 700 in an account that pays 8 percent interest compounded yearlyfind the balance after 13 years?
Wiki User
∙ 13y ago
You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:
- 756
- 816.48
- 881.798
- 952.342
- 1028.53
- 1110.812
- 1199.677
- 1295.651
- 1399.303
- 1511.247
- 1632.147
- 1762.719
- 1903.737
This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.
Wiki User
∙ 13y ago
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What is the interest and balance of 375 at 4 percent for 5 years?
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
What if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
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.
What would be the ending balance of a 1290 savings account earning 12 percent interest compounded monthly after 1 year?
12 percent, compounded monthly is the equivalent of an annual rate of approx 390%. At that rate, 1290 would be worth 5025.81 (approx).
You deposit 900 in a savings account that earns 4 percent interest compounded once a year after 2 years the second years interest has been added how much will be in the account?
$972.00From Superscot85: Above answer is for Simple Interest. You specifically stated "compound" so after 2 years balance will be 900 x (1.04)2 ie 973.44
What is the interest and balance of 375 at 4 percent for 5 years?
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
How the interest on savings account is calculated?
The interest on a business savings account is compounded daily using a 365-day year (366 days each leap year) and calculated on the collected balance.
What if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
Difference between compounded daily or monthly?
Compounded daily means interest is calculated and added to the account balance every day, resulting in slightly higher overall returns compared to compounding monthly, where interest is calculated once at the end of each month. This difference is due to the more frequent compounding events in daily compounding.
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 is the interest calculated on business savings accounts?
The interest on a business savings account is compounded daily using a 365-day year (366 days each leap year) and calculated on the collected balance.
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.
If 20000 is invested in a savings account offering 3.5 per year compounded continuously how fast is the balance growing after 7 years (Round your answer to the nearest cent.)?
With compound interest - the balance after 7 years would be 26336.18
What is the interest compounded annually when 5000 is invested in an account paying 6.38 percent interest for 10 years?
At the end of the first year, the balance in the account is: 5000(1+.0638). At the end of the second year, the balance in the account is: 5000(1+.0638)(1+.0638). At the end of the third year, the balance in the account is: 5000(1+.0638)(1+.0638)(1+.0638). At the end of the t year, the balance in the account is: 5000(1+.0638)^t. So, at the end of the tenth year, the balance in the account is 5000(1+.0638)^10 = 9,280.47. $5,000 is your principal, and the remaining ($9,280.47 - $5,000) = $4,280.47 is the interest.
What would be the ending balance of a 1290 savings account earning 12 percent interest compounded monthly after 1 year?
12 percent, compounded monthly is the equivalent of an annual rate of approx 390%. At that rate, 1290 would be worth 5025.81 (approx).
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
Which type of checking account pays interest on the mean balance of the account during a particular cycle?
Average Balance account
