How old is this problem that you're getting 4.25 percent on a savings account? Never mind. You don't mention how often the interest is compounded, so I'll assume it's yearly, and there are no deposits or withdrawals.
4.25 percent of 1500 is 63.75, so you have 1563.75 after one year.
4.25 percent of 1563.75 is 66.46, so you have 1630.21 after two years.
R equals 4600, 8.73 percent interest compound quarterly for 9 years?
The interest will be 8973.59 approx.
177.50
Simple interest is the interest you earn on your principal, IE the amount of your original investment. For example, you put 1000 dollars in a saving account paying 3% per annum. At the end of the year you will have earned 30 dollars on that one thousand dollars. If you leave the principal and interest in the account for another year you will earn another 30.00 on your original 1000 dollars plus .90 interest. on the first 30.00 dollars interest. This gives you a total of 1060.90 in your second year. In each succeeding year you will earn interest on your interest plus interest on your original principal which, if left alone will add up to a substantial some given the power of compound interest. One caveat, compound interest is a double edged sword. If you have a loan and fail to make your monthly payments on time, compound interest will gut you financially.
4408.992
The annual compound interest rate is 18 percent.
$491
The interest for 1 year is 37.00, whether it is simple or compound interest.
Account B
It depends on the compounding frequency of the rate of interest earned on your bank account. Some banks compound the interest yearly and some do it quarterly. If the interest is compounded every year you will have 973.44 at the end of 2 years.
43.7
R equals 4600, 8.73 percent interest compound quarterly for 9 years?
177.50
20, assuming annual compound interest, 24 if simple interest.
The interest will be 8973.59 approx.
Savings account interest rates can vary depending on where you're banking. These can rand from 2 percent all the way down to .65 percent. This also depends on where you have your account and how long you've had it for or if you open an account up during these interest rate deals.
Simple interest is the interest you earn on your principal, IE the amount of your original investment. For example, you put 1000 dollars in a saving account paying 3% per annum. At the end of the year you will have earned 30 dollars on that one thousand dollars. If you leave the principal and interest in the account for another year you will earn another 30.00 on your original 1000 dollars plus .90 interest. on the first 30.00 dollars interest. This gives you a total of 1060.90 in your second year. In each succeeding year you will earn interest on your interest plus interest on your original principal which, if left alone will add up to a substantial some given the power of compound interest. One caveat, compound interest is a double edged sword. If you have a loan and fail to make your monthly payments on time, compound interest will gut you financially.