Wiki User
∙ 14y agoFormula for annual compound interest: at the end of the term balance will be
P x (1+ I/100)t where P is original investment I = interest rate and t = term.
In this case P = 8459, I = 6 and t = 8, so the calculation is 8459 x (1.06)8
= 8459 x 1.593848 = 13482.36
Wiki User
∙ 14y ago13468.02
189.89
No. If the account is earning interest the current amount should be greater than the initial deposit.
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
Assuming interest compounded annually, at the end of 29 years there will be only 270 in the account so it will not be possible to take 24000 in the 29th year.
At the end of the year the interest is deposited in the account. The next year the interest is figured on the principal plus last year's interest.
13468.02
$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.
If you opened a savings account and deposited 5000 in a six percent interest rate compounded daily, then the amount in the account after 180 days will be 5148.
Yes. Currently it is 8.6% per annum compounded annually
189.89
No. If the account is earning interest the current amount should be greater than the initial deposit.
30.00
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
4000 x (1.0610) = $7163.39
$10608
7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-