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Liam deposits lll dollars into an account that earns %0.9 in simple interest each year. Grace deposits g dollars into an account that earns %1.1 in simple interest each year?
Both Liam and Grace let their money earn interest for one year and make no further deposits. If Liam's initial deposit was $800 more than Grace's, and if both Liam and Grace earn the same amount of interest after one year, which of the following systems of equations could be used to find their initial deposits? Answer Choices: A.) 0.009l+800=0.011g l=g B.) 0.009l=0.011g+800 l=g B.) 0.009l=0.011g l+800=g C.) 0.009l=0.011g l=g+800 D.) 0.009l = 0.011g l = g+800
Eilidh Mullins-Hutto...
D.) 0.009l = 0.011g
l = g+800
Eilidh Mullins-Hutto...
Eilidh Mullins-Hutto...
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If you have an account with an annual simple interest rate of 2.1 percent. You have a principle of 450.00 calculate your interest and your principle for two years?
18.90 as an interest. and principle wil remain same.
Calculate the simple interest you would receive in one year on a savings account that earns 5 percent annual interest What if your beginning balance is 255.19?
12.76
Find the formula of simple interest?
the formula for simple interest is I=PRT (interest=principal x rate x time )
What is the interest on 950 invested for 4 years in an account that earns simple interest at a rate of 3 percent per year?
3% for 4 years is equivalent to 12% of the principal, in this case 12 x 9.5 which is 114.
How do you calculate simple interest earned?
simple interest = principle (money) times the rate times the time
What if your savings account pays 5 simple interest. You opened your savings account with 200 and did not add any additional deposits. After 2 years your account balance is approximately?
For simple interest you get $10 a year total in the account for 2 years $220.The answer is arrived at by multiplying $200x1.05x1.05 (for compound interest).$200x1.05x1.05= $220.50
Suppose that you plan on investing into an account paying simple interest The formula for simple interest is I equals Prt where I is the interest earned on a investment of P dollars at the given rate?
No. I is as described for the stated period.
Lisa deposits 7000 into an account that pays a simple interest rate of 3 percent a year How much interest will she be paid in the first 6 years?
7000*0.03*6 = 1260
How does compound interest differ from simple interest?
With compound interest, you earn interest on the interest. Basically the interest payments are reinvested into the account whereas with simple interest, you only earn interest on the original balance. The interest payments are kept separate of the balance that you invested i.e.: with a bond, the interest payments don't go into a balance, you just get a check for them or rather your broker receives the check on your behalf and deposits it into your money market account which is separate from the bond that you purchased.
Does the amount of interest earned each year increase decrease or stay the same in a simple interest account What about in a compound interest account?
Simple interest: stays the same. Compound interest: increases.
Does the amount of interest earned each year increase decrease or stay the same in a simple interest account. What about in a compound interest account?
Simple interest: stays the same. Compound interest: increases.
How simple interest is calculated for deposits?
The simple interest, I, on a deposit of C, at an interest rate of r% per year, deposited for y years, is calculated as I = C*(r/100)*y
Is simple interest at 4.25 percent better than compound interest at 4.25 percent?
Simple interest is the interest you earn on your principal, IE the amount of your original investment. For example, you put 1000 dollars in a saving account paying 3% per annum. At the end of the year you will have earned 30 dollars on that one thousand dollars. If you leave the principal and interest in the account for another year you will earn another 30.00 on your original 1000 dollars plus .90 interest. on the first 30.00 dollars interest. This gives you a total of 1060.90 in your second year. In each succeeding year you will earn interest on your interest plus interest on your original principal which, if left alone will add up to a substantial some given the power of compound interest. One caveat, compound interest is a double edged sword. If you have a loan and fail to make your monthly payments on time, compound interest will gut you financially.
Would you rather have a savings account that offered simple interest, or an account that offered compound interest Why?
account and i just want points so yeh
Would you rather have a savings account that offered simple interest or an account that offered compound interest?
account and i just want points so yeh
By definition a bank that pays simple interest on a savings account will pay interest?
s
How much interest is earned on the account?
A $5000 investment at an annual simple interest rate of 4.4% earned as much interest after one year as another investment in an account that earned 5.5% annual simple interest. How much was invested at 5.5%?
