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What is the total amount if you deposit 500 at a rate of 5 percent for two years using simple interest?
5 percent means you get (0.05 x 500) = $25 per year, assuming simple interest.Over 2 years, you get $50 interest. Plus, of course, you should also get your $500 back.
How long will it take to double principal if invested at 5.25 compounded quarterly?
The simple answer is approximately 13.7 years using the rule of 72. Interest paid quarterly will affect the answer a little, but not enough to matter.
A sentence using a word accrue?
Your money will accrue interest after leaving it in the bank for 12 months.
Find the volume of a sphere of radius a using double integrals?
4/3pir^3
Solve simple investment problems using the simple interest rate method?
Alright, listen up, honey. To solve simple investment problems using simple interest, you just need to multiply the principal amount by the interest rate and the time period. Add the interest to the principal, and voila, you've got your total amount. It's basic math, darling, nothing to lose sleep over.
Using the Rule of 72 how long will it take for a deposit to double in size using an interest rate of 9 percent?
8 years.
Using the rule of 72 how long will take for a deposit to double size using an interest rate of 9 percent?
72/9 ie 8 years
The formula for ordinary interest using exact time is?
The formula for simple (ordinary) interest on a bank deposit is Deposit Amount x Rate x Time (# of days) on Deposit.
Where could a person find the interest rates for certificates of deposit?
A person could the interest rates for certificates of deposit by using an interest rate calculator where the amount of the deposit is entered into an equation and the end result will be how much interest will be earned for the term you want.
How do you calculate fixed deposit interest?
Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
How do you calculate fixed interest?
Fixed deposit interest is calculated using the simple interest concept Interest = (principal * no. of years * rate of interest) / 100 principal = the amount you deposited rate of interest = the amount in % Ex: Deposit amount - 10,000 Rate of interest = 10% no of days = 365 Interest = (10000 * 365 * 10) / (365*100) = 1000
How long will money in savings take to double at 5 percent interest compounded annually?
Use the "rule of 72"...simply put, using compound interest you take the number 72 and divide it by the interest rate. Thus, at 5% the time to double is 14.4 years. This formula can be used for calculating a "double" for any interest rate using the same mathematical procedure.
How can you deposit nickel as a coating using nickel chloride?
You can deposit nickel as a coating by using nickel chloride and a technique known as electroplating.
How can I deposit money into my checking account?
You can deposit money into your checking account by visiting a bank branch, using an ATM, or using mobile banking apps to deposit checks electronically.
How do you earn interest from money in the bank?
You earn an interest by depositing your money with the bank either in your savings account or through a fixed deposit. The bank grants loans to other customers and earns an interest out of it. Since it is your money they are using to give off loans, they share a portion of the profit they earn with you by means of an interest that gets paid out to the deposit customers.
What are the disadvantages of using direct deposit?
One disadvantage of using direct deposit is that it may be difficult to access funds immediately in case of errors or disputes.
How much interest would 7 million pounds make a week month?
It would entirely depend on the type of deposit you make. For a regular CD or Fixed deposit interest rate is around 4% and taking 4% into account you will get 5384 pounds per week. You can calculate this using: Interest per year = p * n * r / 100 P - amount you deposit N - number of years R - rate of interest Interest per week = interest per year / 52
