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1000 dollars is invested in a savings account that pays 9 percent interest per year The interst earned after the first year is added to the account How much interest is earned on the following year?
$98.10 in interest is earned in the following year.Year One:$1000 x 0.09 = $90$1000 + $90 = $1090Year Two:$1090 x 0.09 = $98.10
How much interest will be earned in an account into which 1000 is deposited for one year with continuous compounding at a 13 percent rate?
The "13 percent rate" is the equivalent annual rate. So the interest will be 130.
How do you record interest earned?
To record interest earned, you typically make a journal entry that credits an interest income account and debits an asset account, such as cash or accounts receivable, depending on whether the interest has been received or is accrued. For example, if you earned $100 in interest, you would debit the cash account and credit the interest income account. This ensures that your financial statements accurately reflect the income earned during the accounting period.
Miguel earned 10 and saved 3 what decimal part did he save?
0.3
How much is in a savings account that started with 1500 and earned 4.25 percent compound interest for 2 years Round to the nearest cent?
How old is this problem that you're getting 4.25 percent on a savings account? Never mind. You don't mention how often the interest is compounded, so I'll assume it's yearly, and there are no deposits or withdrawals. 4.25 percent of 1500 is 63.75, so you have 1563.75 after one year. 4.25 percent of 1563.75 is 66.46, so you have 1630.21 after two years.
Can you contribute to a Health Savings Account (HSA) without having earned income?
No, you cannot contribute to a Health Savings Account (HSA) without having earned income.
Savings account A has 1500 and pays 3.5 percent interest yearly Savings account B has 1400 and pays 4 percent interest yearly The savings account that earned the most interest after one year is?
Account B
The amount of money earned in a year by a savings account is called the?
ANSWER It is called "interest".
Do you have to pay tax on a savings account that earned less than 10?
Yes.
What do you see you have contributed to your savings account?
You will see your balance and any interest earned.
Do you have to have earned income in order to contribute to an HSA?
Yes, you must have earned income in order to contribute to a Health Savings Account (HSA).
Does a 14 year old have to pay taxes on interest earned from savings account or CD's?
Yes
Do I need earned income in order to contribute to an HSA?
Yes, you need earned income in order to contribute to an HSA (Health Savings Account).
Do you need earned income in order to contribute to an HSA?
Yes, you need earned income in order to contribute to an HSA (Health Savings Account).
1000 dollars in a savings account pays 7 percent interest per year The interest earned after the first year is added to the account How much interest is earned on the new principal the following year?
$74.90
Can you contribute to an HSA without earned income?
No, you generally cannot contribute to a Health Savings Account (HSA) without having earned income. Earned income is typically required to be eligible to contribute to an HSA.
Disadvantages of savings bank account?
Actually there are no disadvantages of having a savings account. Saving money is a good habit and keeping it in a bank account is even better because it will earn you an interest. The only downside is that the interest earned in a savings account is much much lesser than a fixed deposit but nonetheless the money is liquid and you can take it anytime you want, which isn't the case with a fixed deposit.
