If the annual equivalent rate of interest is 8.5 percent then it makes no difference how frequently it is compounded. The amount will grow to 9788.81
On the other hand 8.5 percent interest daily is equivalent to 8.7 trillion percent annually! If my calculation is correct, after 6 years the amount will have grown to 2.85*10198 (NB 10200 = googol squared).
8029.35
$4,061.04
1 6,000.002 6,360.003 6,741.604 7,146.105 7,574.866 8,029.357 8,511.118 9,021.789 9,563.0910 10,136.87
3 percent of 6000 is 180.
29% of 6000= 29% * 6000= 0.29 * 6000= 1740
8029.35
$4,061.04
1 6,000.002 6,360.003 6,741.604 7,146.105 7,574.866 8,029.357 8,511.118 9,021.789 9,563.0910 10,136.87
74 or 75 years
Continuous interest formula, A = Pe^(rt)....where A is the accumulated amount, P is the initial investment, r is the interest rate expressed as a decimal, and t is the time - usually in years. Then, A = 6000e^(0.085 x 6) = 6000e^0.51 = 9991.75 So the growth amount is, 9991.75 - 6000.00 = 3991.75
6000 + (8.75 percent) = 6,525
3 percent of 6000 is 180.
29% of 6000= 29% * 6000= 0.29 * 6000= 1740
change 60 to a percent = 6000%60 * 100% = 6000%
1 percent of 6000 dollars = 60 dollars.
12% of 6000= 12% * 6000= 0.12 * 6000= 720
2% of 6000 = 2% * 6000 = 0.02 * 6000 = 120