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That depends on whether you are getting 5% simple interest, or compound interest, and how often it is compounded. Simple interest is very easy to calculate; you just multiply. $500 at 5% earns 5% of $500 every year, which is $25, so in 20 years the interest earned is 20 x $25 or $500, for a total of $1,000. But if you put the money in a savings account in a bank, you get compound interest. It can be compounded annually, semi-annually, quarterly, monthly, or daily. The more often it is compounded, the more you earn. Nowadays you can get daily interest, but that is kind of complicated because it depends on whether you figure the interest for every single day, 365 days a year and 366 in a leap year, or the traditional banking custom of 360 days a year. For example, if you compound annually, every year your balance is multiplied by 1.05, so after 20 years you would have 500 x 1.0520, which is $1.326.65 to the nearest cent.
What else can I help you with?
How can find interest percent in Rs100000?
First find out what the interest rate is from the money lender or deposit taker.
Which loan would cost the borrower less money 2000 at 8 for 3 years or 2000 at 9.5 percent for 2 years How much interest would the borrower save by taking the cheaper loan?
8 percent of 2000 is 160 x 3 = 480 9.5 percent of 2000 is 190 x 2 = 380 100 hundred dollars cheaper.
How much money is 6.4 percent of 25 dollars?
6.4% of $25.00= 6.4% * 25= 0.064 * 25= $1.60
What is 20 percent of 10000 dollars?
Ah, what a happy little math problem we have here! To find 20 percent of 10,000 dollars, you simply multiply 10,000 by 0.20. That gives you 2,000 dollars, which is the answer you're looking for. Just imagine all the beautiful things you could create with that amount of money!
In how may years a sum of money at the rate of 10 percent simple interest per annum will triple itself?
30 years
If you have a 100 dollars and you could put in bank for a year at 5 percent interest what is the opportunity cost if you spend the money now?
The interest.
How much money has to be invested at 4.3 percent interest compounded continuously to have 19000 dollars after 16 years?
You would need 9687 dollars.
How much money will you accumulate in an account after 5 year if you earn 3.25 percent interest and initially invest 3000?
3000*(1+3.25/100)5 = 3520.23 (rounded).
If you invest fifty dollars per month at an interest rate of 9 percent for forty years how much money will you have after forty years?
$120,000
How much money is 20 percent of 65 dollars?
20 percent of 65 dollars is 13 dollars.
What is the highest money market interest rate so far this year?
Money market interest rates vary based on the value of the money market account itself. For accounts ranging from 10 to 25 thousand dollars, the best rate is from Everbank at 1.01 percent.
How much money will you have if you invest fifty dollars a month at nine percent interest for forty years?
You would have approximately 200 thousand dollars or more.Assuming, the money is compounded every year, the amount at the end of 40 years would be $220,975.12/-
What is the percent increase in the amount of money you have if you had 4 dollars and now have 6 dollars?
Your money increased by 50%
If you put 300000 dollars at 10 percent interest for 25 years how much money would you have?
The equation is: 300000 x (1 + 0.1)25 which equals 3250411.8
What is the percent charged or earned on an amount of money?
Rate of interest.
What is the interest rate of 7 percent?
i have to know the money and time
How does compound interest help you accumulate savings even faster?
Compound interest helps you accumulate savings faster by earning interest not only on the initial amount you save, but also on the interest that has been added to your account over time. This means that your money grows at an increasing rate, allowing you to build wealth more quickly compared to simple interest.
