Q: If you deposit 6700 in a money market account that pays an annual interest rate of 3.3 percent compounded quartely how much money will you have after 4 years?

Write your answer...

Submit

Still have questions?

Continue Learning about Math & Arithmetic

No. If the account is earning interest the current amount should be greater than the initial deposit.

Deposit 4776.06 The frequency of compounding does not matter since the annual interest rate is given.

You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.

It will be 726.

$972.00From Superscot85: Above answer is for Simple Interest. You specifically stated "compound" so after 2 years balance will be 900 x (1.04)2 ie 973.44

Related questions

Hhhhh

No. If the account is earning interest the current amount should be greater than the initial deposit.

$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

$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.

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.

Deposit 4776.06 The frequency of compounding does not matter since the annual interest rate is given.

You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.

$973.44

7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-

A deposit account that pays interest.

A deposit account that pays interest.

With daily compounding, your account balance will grow faster compared to other compounding frequencies. At a 6% nominal interest rate compounded daily, your initial deposit of $500 will earn daily interest and accumulate more over time. Depositing additional funds will speed up the growth of your account due to the daily compounding effect.