Best Answer

$972.00

From 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

Q: 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?

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Deposit 4776.06 The frequency of compounding does not matter since the annual interest rate is given.

You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This 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.

It will be 726.

Annual interest calculates how much is in the bank at the time of compounding, then adds the percentage of interest. In this case, every year after the first slightly more than 8 percent of the 4 thousand initial deposit. In this particular case, at the end of the sixth year, you would have 6,347 dollars and 50 cents.

He should deposit 17017.82

Related questions

$11,573.02 if you deposit at the beginning of the quarter or $11,444.27 if you deposit at the end of the quarter

Deposit 4776.06 The frequency of compounding does not matter since the annual interest rate is given.

$973.44

7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-

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.

You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This 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.

$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.

It will be 726.

Annual interest calculates how much is in the bank at the time of compounding, then adds the percentage of interest. In this case, every year after the first slightly more than 8 percent of the 4 thousand initial deposit. In this particular case, at the end of the sixth year, you would have 6,347 dollars and 50 cents.

He should deposit 17017.82

daily interest 6/365 = 0.01643 N=3 pv= -500 pmt = -1000 I= 0.01643 fv= ? fv= $3500

14.651