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.
6% of 8,000 = 480 Since interest is not compounded, you just keep getting 480 paid once every year. Mathematically, it takes 8,000/480 = 162/3 years to earn another 8,000. But the final payment isn't paid until the end of the 17th year. Until that moment, you've only collected 7,680. Then, at the end of the 17th year, you get the payment that brings the interest to a total of 8,160. Note that if the interest had only compounded annually ... you leave the interest in the account, and at the end of next year, 6% is paid on the total in the account ... it would double in only 12 years.
3% for 4 years is equivalent to 12% of the principal, in this case 12 x 9.5 which is 114.
4000 x (1.0610) = $7163.39
There is 936.76
$16,105.10 if compounded yearly, $16,288.95 if compounded semi-annually, $16,386.16 if compounded quarterly, $16,453.09 if compounded monthly, and $16,486.08 if compounded daily.
At the end of the year the interest is deposited in the account. The next year the interest is figured on the principal plus last year's interest.
Yes. Currently it is 8.6% per annum compounded annually
If you mean 5.8% annual interest rate compounded monthly, then (1000*.058)/12 = 4.83
The total value of the deposit will be $1248.929 at the end of 5 years. The year wise ending balance would be:918991.441070.7551156.4161248.929 This is under the assumption that the interest of 8% is compounded annually.
An interest-bearing checking account draws interest on the principal balance. Interest is money that accrues annually or semi-annually and accumulates in the interest-bearing account.
7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-
Your yearly worth in the bank account that had 200 dollars invested @ 6% rate of interest for 6 years would be: a. end of year 1 - 212 b. year 2 - 224.72 c. year 3 - 238.20 d. year 4 - 252.495 e. year 5 - 267.645 f. year 6 - 283.70