Interest for 1st year = $6 Principal after 1 year = $206 Interest for 2nd year = $6.18 Principal after 2 year = $212.18 Total Interest earned after 2 years = $12.18
What is the future value of $1,200 a year for 40 years at 8 percent interest? Assume annual compounding.
The interest is 300% per year.
Oh, dude, you're hitting me with the math questions now? Alright, let me break it down for you. So, if the compound interest for 2 years is Rs 156 and for 3 years is Rs 254, that means the interest for the third year is Rs 98 (254 - 156). To find the rate of interest, we need to calculate the interest for the first year, which would be half of the interest for 2 years (Rs 78). Then, we can divide this by the principal amount and multiply by 100 to get the rate of interest. Math can be fun, right?
6% is 600x6/100 =36 per year. 3 years is 3x36 =108
12.248%
A simple interest rate of 10 per cent per year will double a sum of money in ten years.
Interest for 1st year = $6 Principal after 1 year = $206 Interest for 2nd year = $6.18 Principal after 2 year = $212.18 Total Interest earned after 2 years = $12.18
3% is the same as 0.03 and 0.03*110,000 = 3,300 in one year If it is simple interest, it will be 3300 every year. If it is compound interest, the 2nd years interest will be based on starting amount with first years interest added to it, and so on
What is the future value of $1,200 a year for 40 years at 8 percent interest? Assume annual compounding.
This depends on if the interest is compounding every year or not.
The interest is 300% per year.
Oh, dude, you're hitting me with the math questions now? Alright, let me break it down for you. So, if the compound interest for 2 years is Rs 156 and for 3 years is Rs 254, that means the interest for the third year is Rs 98 (254 - 156). To find the rate of interest, we need to calculate the interest for the first year, which would be half of the interest for 2 years (Rs 78). Then, we can divide this by the principal amount and multiply by 100 to get the rate of interest. Math can be fun, right?
It is 6%, as 360 is earned each year.
10 years. Compound interest would take 7 years.
Assuming the same rate of interest is applied after the first five years, it is 8.95%.
they make 250,000 a year but if u work for 2 years it doubles to 500,000 it doubles evry year but stops at 4 years because u can make 1000000 a year max