Wiki User
∙ 14y agoThat depends on whether it's simple interest or compound interest.
If compound, then it also depends on how often interest is compounded.
Examples:
$1,200 at 4% simple interest for 30 years adds up to $2,640.
$1,200 at 4% interest compounded quarterly for 30 years adds up to $3,960.46.
You can see that it does make a difference.
Wiki User
∙ 14y agoYou will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
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.
$5.77
Annual interest calculates how much is in the bank at the time of compounding, then adds the percentage of interest. In this case, every year after the first slightly more than 8 percent of the 4 thousand initial deposit. In this particular case, at the end of the sixth year, you would have 6,347 dollars and 50 cents.
404.95
6 dollars.
You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.
50,940 dollars
$11,573.02 if you deposit at the beginning of the quarter or $11,444.27 if you deposit at the end of the quarter
500 x 0.05 = 25 . so the interest you earn is 25 dollars each year if you deposit 500 dollars.
(1.035)16 = 1.73398604 $500 ===> $866.99 (rounded)
He pays $696.50 interest.
If compounded, interest = 81.244 and balance = 456.245 If not compounded, interest = 75 and balance = 450
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.
$5.77
Annual interest calculates how much is in the bank at the time of compounding, then adds the percentage of interest. In this case, every year after the first slightly more than 8 percent of the 4 thousand initial deposit. In this particular case, at the end of the sixth year, you would have 6,347 dollars and 50 cents.