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If you deposit 4000 in a bank account that pays 8 percent interest compounded annually how will you have in 6 years?
Wiki User
∙ 9y ago
Annual interest calculates how much is in the bank at the time of compounding, then adds the percentage of interest. In this case, every year after the first slightly more than 8 percent of the 4 thousand initial deposit. In this particular case, at the end of the sixth year, you would have 6,347 dollars and 50 cents.
Wiki User
∙ 9y ago
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What if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
A bank account yields 7 percent interest compounded annually If you deposit 1000 in the account what will the account balance be after five years?
Per annum compound interest formula: fv = pv(1+r)^t Where: fv = future value pv = present (initial) value r = interest rate t = time period Thus, fv = 1000*(1+0.07)^5 = 1000*1.4025517307 = $1402.55
A principal of 850 is invested in an account at 8 percent per year simple interest What is the amount of the principal after 5 years?
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.
You deposit 300 today 500 one year from now and 600 four years from now into an account that earns 8 percent compounded annually How much money will you have 7 years from now?
Assuming you deposit the money on the first day of each year you will have 2,124 from the 1,400 you'd deposited earning a total of 724 interest
What is the balance on a deposit of 1200 earning 9.5 percent interest compounded semiannually for 10 years?
9.5% semi-annually = 19.9025% annually.After 10 years 1200*(1.199025)^10 = 7369.93
If you deposit 10000 in a bank account that pays 10 percent interest annually how much would be deposited in your account after 5 years?
$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.
You deposit 2000 in a savings account that pays 10 percent interest compounded annually How much will your account be worth in 15 years?
7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-
If I deposit 100 into an account that pays 2.4% interest compounded weekly, how much would I have after 3 years?
Hhhhh
What if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
What is the balance after 7 years if you deposit 350 every quarter into a savings account that earns 4.5 percent interest compounded quarterly?
$11,573.02 if you deposit at the beginning of the quarter or $11,444.27 if you deposit at the end of the quarter
A bank account yields 7 percent interest compounded annually If you deposit 1000 in the account what will the account balance be after five years?
Per annum compound interest formula: fv = pv(1+r)^t Where: fv = future value pv = present (initial) value r = interest rate t = time period Thus, fv = 1000*(1+0.07)^5 = 1000*1.4025517307 = $1402.55
How much should be deposited today in an account that earns 6 compounded semiannually so that it will accumulate to 10000 in 3 years using present value?
6% compounded annually is equivalent to an annual rate of 12.36%. To increase, at 12.36% annually for 3 years, to 10000, the initial deposit must be 7049.61
A principal of 850 is invested in an account at 8 percent per year simple interest What is the amount of the principal after 5 years?
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.
How much is an account at beneficial savings bank?
To have an account at Beneficial Mutual Savings Bank you need to deposit at least$50. The interest is compounded daily. It has the best rates also. Good place to have an account.
You deposit 300 today 500 one year from now and 600 four years from now into an account that earns 8 percent compounded annually How much money will you have 7 years from now?
Assuming you deposit the money on the first day of each year you will have 2,124 from the 1,400 you'd deposited earning a total of 724 interest
What is the balance on a deposit of 1200 earning 9.5 percent interest compounded semiannually for 10 years?
9.5% semi-annually = 19.9025% annually.After 10 years 1200*(1.199025)^10 = 7369.93
How much do you need to deposit now into an account which pays you 3 percent compounded monthly to have 10000 in 25 years?
Deposit 4776.06 The frequency of compounding does not matter since the annual interest rate is given.
