12.76
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.
8 percent compounded quarterly is equivalent to approx 36% annually. At that rate, after 3 years the ending balance would be 1762.72 approx.
trial balance
Current Balance: 75 Amount needed for Electricity Bill: 110 Amount that needs to be deposited = 110 - 75 = 35 Beth needs to deposit atleast 35 dollars if she wants enough money to pay her electricity bill.
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
463.72
The simple interest over a period of five years is $463.70
239.30
239.30
$131.66
29.86
the minimum balance witin the month times times pevailing interest rate multiplied by month and divide by 12
Average Balance account
The answer is 255.19*0.05 = 12.7595 which means you will get 12.75 because a bank is unlikely to round up in your favour!
Interest payable is liability account and have a credit balance as a normal balance.
The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.
The formula used to calculate your interest is the principle balance, multiplied by the monthly interest rate. Then you mulitply that by the number of months in which you last paid interest.