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Using the rule of 72 how long will take for a deposit to double size using an interest rate of 9 percent?
Wiki User
∙ 13y ago
72/9 ie 8 years
Wiki User
∙ 13y ago
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How long will money in savings take to double at 5 percent interest compounded annually?
Use the "rule of 72"...simply put, using compound interest you take the number 72 and divide it by the interest rate. Thus, at 5% the time to double is 14.4 years. This formula can be used for calculating a "double" for any interest rate using the same mathematical procedure.
How do you do add math project form 5?
In order to do addition for math problems on Project Form 5, we will need to know what the actual equation is. If you need help with math, contact your teacher, tutor, or receive help from using a calculator.
What will be the present value of 1000 received at the end of year 3 and then every two years after that. Using an interest rate of 18 percent per year?
It looks like there is no end date, so that means that 2 years of interest generate 1000: F3 * 1.182 - F3 = 1000 ; F3 = 2548.42, Then calculate the present value from F3:F3 = 2548.42 = P * (1.18)3 --> P = 1551.05
Java program to calculate simple interest using constructor overloading for attributes like principal rate and time?
package javaapplication1; import java.util.*; class amount { double amount; double intrest; int year; amount(double a, double i) { a=amount; i=intrest; int y=year=5; double s_intrest; } } public class Main { public static void main(String[] args) { double a,i,s_intrest; int y=5; Scanner s=new Scanner(System.in); a=s.nextDouble(); i=s.nextDouble(); amount a1=new amount(a,i); s_intrest=(a*i*y)/100; System.out.println(s_intrest); } }
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
Using the Rule of 72 how long will it take for a deposit to double in size using an interest rate of 9 percent?
8 years.
The formula for ordinary interest using exact time is?
The formula for simple (ordinary) interest on a bank deposit is Deposit Amount x Rate x Time (# of days) on Deposit.
Where could a person find the interest rates for certificates of deposit?
A person could the interest rates for certificates of deposit by using an interest rate calculator where the amount of the deposit is entered into an equation and the end result will be how much interest will be earned for the term you want.
How long will money in savings take to double at 5 percent interest compounded annually?
Use the "rule of 72"...simply put, using compound interest you take the number 72 and divide it by the interest rate. Thus, at 5% the time to double is 14.4 years. This formula can be used for calculating a "double" for any interest rate using the same mathematical procedure.
How do you calculate fixed deposit interest?
Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
What is the total amount if you deposit 500 at a rate of 5 percent for two years using simple interest?
5 percent means you get (0.05 x 500) = $25 per year, assuming simple interest.Over 2 years, you get $50 interest. Plus, of course, you should also get your $500 back.
How do you calculate fixed interest?
Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
Calculate the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?
32
How much interest would 7 million pounds make a week month?
It would entirely depend on the type of deposit you make. For a regular CD or Fixed deposit interest rate is around 4% and taking 4% into account you will get 5384 pounds per week. You can calculate this using: Interest per year = p * n * r / 100 P - amount you deposit N - number of years R - rate of interest Interest per week = interest per year / 52
How do you earn interest from money in the bank?
You earn an interest by depositing your money with the bank either in your savings account or through a fixed deposit. The bank grants loans to other customers and earns an interest out of it. Since it is your money they are using to give off loans, they share a portion of the profit they earn with you by means of an interest that gets paid out to the deposit customers.
What is the amount of interest on a loan of 3200 at 6 percent interest for 60 days using the ordinary interest method?
[{(3200*6)/100}/365]*60
How much interest does 10000 dollars earn in 4 years in a certicate of deposit paying 9.5 percent interest compounded quarterly?
Using the compound interest formula which states A = P (1 + r/n)nt. We get the following result:10000 ( 1 + .095/4)4(4)10000 (1 + 0.02375) 1610000 (1.02375) 1610000 (1.45580)$14558Therefore you earn approximately $4558.00 on a CD yielding a 9.5% interest rate for 4 years.
