Q: What will the new balance be if she places 560.25 into an account that pays 2.5 percent annual interest for ten years?

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700.31

15.00

$350 * 6.5% = $22.75

No if the account earns interest daily, it's earning interest on interest essentially. So if you have $100 and you earn 1% interest, you would have $101 dollars the next day and earn 1.01 dollars in interest, and so on.

Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.

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463.72

700.31

15.00

$350 * 6.5% = $22.75

The annual compound interest rate is 18 percent.

No if the account earns interest daily, it's earning interest on interest essentially. So if you have $100 and you earn 1% interest, you would have $101 dollars the next day and earn 1.01 dollars in interest, and so on.

Calculate 5% of 255.19 - that is, 0.05 x 255.19.

Assuming 6.5% refers to the annual interest rate, the monthly interest is 111.04 approx.

18.90currency as an interest..

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No. If the account is earning interest the current amount should be greater than the initial deposit.