If the 3% is "simple" interest, then the $100 earns an extra $18 in 6 years.
If the interest is compounded yearly, then it earns $19.41 extra.
If the interest is compounded weekly, then it earns $19.72 extra.
10000 x (1.08)2 = 11664
11501 per annum.
60.75 per annum.
The same as 2% per year. Per annum means per year.
Assuming Compound Interest I(n) = I(0)[1 + r/100]^(n) Where I(o) is 231700 r = 3% n = 5urd 7 mths ( 5.58333....._ Substitute I(5.583333...) = 231700[1 +3/100]^(5.58333333....) I(5.583333...) = 231700[1.03]^(5.58333333....) I(5.583333...) = 231700[1.179436339.... ] I(5.593333...) = 2732753998... So interestearned is 41575,3998... ~ 41575.40
I believe an annum is one year. (ie; $50,000 per annum - per year)
30 years
12% per year
480
30.00
4690
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