It doesn't matter how much the original investment is. If it triples in 5 yearswith monthly compounding, then the interest rate is 22.175% (rounded)
187.32
322.7
161.35
572.56
A person can win one million pound sterling jackpot every month. NS&I doesn't pay interest, but what it does it to organize these monthly prize draws with a one million pounds sterling jackpot and over a million other cash prizes.
"How much money should be deposited at 4.5 percent interest compounded monthly for 3 years?"Incomplete question.... to do what?
(1/4)% of 1% of 900000 = (1/4)/100 x 1/100 x 900000 = 1/4 x 90 = 22.5
110,082.80
110,082.80
900000
Around $9,816.87
It doesn't matter how much the original investment is. If it triples in 5 yearswith monthly compounding, then the interest rate is 22.175% (rounded)
The total interest will be 1160.53 units of currency.
110082.80
900000 a week
www.amortization-calc.com/ This will tell you how much money you are putting against principal and how much against interest you are paying. This varies depending on interest rate.