It might just be 10%.
year
Total value = 20000*(1.06)2 = 22472 So interest = 2472
500 invested for 5 years at 7% interest compounded annually becomes 701.28
Rounded to the nearest cent, $15000 x 1.0415 = $27014.15
100000 x 1.125
8.0432 years (rounded) if compounded annually.
Interest = 2472
11 years
Only if the 1% per month is compounded annually and not monthly.
Answer: 9.1% At 8.5% principal grows by (1+(.085/12))^12 = 1.0884 times in one year which is less than investing at 9.1%.
If the interest is compounded annually, then the first interest payment isn't added until the end of the first year. Until then, the investment is worth exactly $15,000.00 .
0.9938% per month, when compounded is equivalent to 12.6% annually.
year
compounded annually--$43,219 compounded quarterly--$44,402 compounded monthly-- $44,677 compounded daily--$44,812
8029.35
Total value = 20000*(1.06)2 = 22472 So interest = 2472
$19.22 (rounded)