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To calculate the simple interest earned on Susan's savings account, use the formula: Interest = Principal × Rate × Time. Here, the principal is $800, the rate is 6% (or 0.06), and the time is 5 years. Therefore, Interest = 800 × 0.06 × 5 = $240.00. The correct answer is C) 240.00.
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June deposited 8450 in an account that pays 6 percent interest compounded annually find the amount she will have in the account at the end of 8 years?
13468.02
A principal of 400 is invested in an account at 6 per year compounded annually. What is the total amount of money in the account after 5 years?
To calculate the total amount in the account after 5 years with a principal of $400 invested at an annual interest rate of 6% compounded annually, you can use the formula for compound interest: ( A = P(1 + r)^t ), where ( A ) is the amount, ( P ) is the principal, ( r ) is the annual interest rate (as a decimal), and ( t ) is the number of years. Plugging in the values: [ A = 400(1 + 0.06)^5 \approx 400(1.338225) \approx 535.29. ] Thus, the total amount in the account after 5 years is approximately $535.29.
How many years to use up 400000.00 earning 4 percent interest taking 24000 a year?
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.
A principal of 700 is invested in an account at 6 per year compounded annually What is the total amount of money in the account after 5 years?
There is 936.76
What is the answer of the balance in the compound interest account 1400 after 3 years at 5.5 percent?
The question doesn't tell us the compounding interval ... i.e., how often theinterest is compounded. It does make a difference. Shorter intervals makethe account balance grow faster.We must assume that the interest is compounded annually ... once a year,at the end of the year.1,400 x (1.055)3 = 1,643.94 (rounded)at the end of the 3rd year.
What does compounded annually mean?
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.
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.
Do you get any interest on the sum saved in provident fund account?
Yes. Currently it is 8.6% per annum compounded annually
June deposited 8450 in an account that pays 6 percent interest compounded annually find the amount she will have in the account at the end of 8 years?
13468.02
If 4000 dollars is invested in a bank account at an interest rate of 6 per cent per year what will be the amount after 10 year if interest is compounded annually?
4000 x (1.0610) = $7163.39
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/-
You have a savings account that provides 5% interest, compounded annually, on your total balance. You put $1000 in the account 10 years ago but forgot about it (you haven’t added more money and you haven’t withdrawn money)?
The final amount is $1,647.01
Jeanne's parents want to begin saving money for her college education If they put 5000 in an account with an interest rate of 3.55 compounded annually how much money will Jeanne have after 12 yea?
$62130
What would be the ending balance of a 700 savings account earning 8 percent interest compounded quarterly after 3 years?
8 percent compounded quarterly is equivalent to approx 36% annually. At that rate, after 3 years the ending balance would be 1762.72 approx.
A principal of 400 is invested in an account at 6 per year compounded annually. What is the total amount of money in the account after 5 years?
To calculate the total amount in the account after 5 years with a principal of $400 invested at an annual interest rate of 6% compounded annually, you can use the formula for compound interest: ( A = P(1 + r)^t ), where ( A ) is the amount, ( P ) is the principal, ( r ) is the annual interest rate (as a decimal), and ( t ) is the number of years. Plugging in the values: [ A = 400(1 + 0.06)^5 \approx 400(1.338225) \approx 535.29. ] Thus, the total amount in the account after 5 years is approximately $535.29.
How many years to use up 400000.00 earning 4 percent interest taking 24000 a year?
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.
You opened a savings account with the deposited 5000 in a six percent interest rate compounded daily what is the amount in the account after 180 days?
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.
