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10 deposited in the bank for a year with a 6 interest compound rate at the end of 3 years your balance is?
Wiki User
∙ 9y ago
Assuming that is 6% per year:
amount = capital x (1 + rate)^number_of_periods = 10 x (1 + 6%)^3 = 10 x 1.06^3 ≈ 11.91
Wiki User
∙ 9y ago
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At a certain rate of compound interest rs 15320 becomes rs 30640 in 6 years what is the rate of interest?
12%
If you save 4500 at an interest rate of 13 percent how much will you have at the end of seven years?
4500 + (45 x 13 x 7) = 8595 simple interest. 4500 x (1.13)7 = 10586 annual compound interest
How much would 200 invested at 6 interest compounded annually be worth after 6 years?
Compound Interest = P(1+r/100n)(nt) P = Original Investment r = Interest Rate n = How often the interest is compounded per year t = Number of years Interest = 200(1+6/100)6 = 200(1.06)6 =$283.70
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.
Why is compound interest better than simple interest?
Compound interest is better than simple (or "nominal") interest because compound interest allows you to add your accumulated interest back to your total every given term (i.e. each day, each week, each month, quarterly, annually, etc.), thus increasing the amount of money you are earning interest on.Example:Say you deposit 100 dollars for 2 years at 10% per year in 2 banks, one which does not compound your interest (Bank A), and one that compounds annually (Bank B).Bank A:After 1 year: 100 x 1.10 (1.10 = your amount + 10%) = 110After 2 years: 100 x 1.20 (1.20 = your amount +10% x 2) = 120Bank B:After 1 year: 100 x 1.10 = 110but then instead of using 100 again, you add the additional 10 back into your total and collect interest on 110 dollars in year two.So:After 2 years: 110 x 1.10 (1.10 = your amount + 10%) = 121
Can you give me the continuous compound interest formula?
Compound Interest FormulaP = principal amount (the initial amount you borrow or deposit)r = annual rate of interest (as a decimal)t = number of years the amount is deposited or borrowed for.A = amount of money accumulated after n years, including interest.n = number of times the interest is compounded per yearExample:An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years?Solution:Using the compound interest formula, we have thatP = 1500, r = 4.3/100 = 0.043, n = 4, t = 6. Therefore, So, the balance after 6 years is approximately $1,938.84.
Slayman deposited 2500 dollars with 3 persent compound annually for 3 years so what is his balance?
225
Suppose you deposited 100 per month into a savings plan for 10 years and at the end of that period your balance was 22200. What is the amount you earned in interest was?
It was 10200.
What two factors are most important in determining the power of compound?
The interest rates paid on the deposited money and the number of years you leave the money in the bank.
What two factors are most important in determining the power of compound interest?
The interest rates paid on the deposited money and the number of years you leave the money in the bank.
How much money must be deposited today to become 2450 in 20 years at 8.5 compounded continuously?
479.26 needs to be invested to get to 2450 after 20 years at 8.5% compound interest.
HOW TO FIND compound interest?
So you use the formula balance=principal(1+n over the number of years the the exponent ;0
When Janette was 5 years old her grandmother deposited 2500 into a savings account for her. The account pays a simple annual interest rate of 4. What will the balance be when Janette turns 15 years ol?
It will be 3500.
If you deposit 400 in a bank that provides 5 compound interest yearly and you make no additional deposits at the end of five years your balance is?
$510.51 ;)
You deposit 400 in a bank that provides 5 compound interest yearly and you make no additional deposits. At the end of five years your balance is?
$510.51 ;)
You deposit 250 in a bank account that offers compound interest at a rate of 5 compounding quarterly. At the end of five years your balance is?
320.51 A+
You deposit 5 per month in a bank that offers compound interest at a rate of 5 for four years. At the end of three years your balance is?
It is 202.48 units of currency.
