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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?
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∙ 14y ago
$74.90
Wiki User
∙ 14y ago
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You start a account with $2500 and a interest rate of 6.5 compounded yearly. How much is in the account after 7 years?
It is 3884.97 dollars.
You deposit $200 per year in a bank account that offers an annual interest rate of 6. After 5 years your total earnings in interest are?
The total interest is 67.65 dollars.
Mark deposited 1256 dollars from his summer job in a savings account that pays 4.5 percent interest How much interest will he earn after one year?
100
Can a million dollars double in a year on interest?
You can,t a million dollars interest from a million dollars but you can get half a million dollars
If 4000 dollars is invested in a bank account at an interest rate of 6 per cent per year what will be the amount after 10 year if interest is compounded annually?
4000 x (1.0610) = $7163.39
Is simple interest at 4.25 percent better than compound interest at 4.25 percent?
Simple interest is the interest you earn on your principal, IE the amount of your original investment. For example, you put 1000 dollars in a saving account paying 3% per annum. At the end of the year you will have earned 30 dollars on that one thousand dollars. If you leave the principal and interest in the account for another year you will earn another 30.00 on your original 1000 dollars plus .90 interest. on the first 30.00 dollars interest. This gives you a total of 1060.90 in your second year. In each succeeding year you will earn interest on your interest plus interest on your original principal which, if left alone will add up to a substantial some given the power of compound interest. One caveat, compound interest is a double edged sword. If you have a loan and fail to make your monthly payments on time, compound interest will gut you financially.
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
What is th difference between interest and principal?
If you borrow some money, say 10 Dollars, the person who you borrowed from will want you to pay it back. The 10 Dollars you have to give back are the principal. Chances are, they'le want some extra money along with the principal. In this example we'll say an extra dollar. The extra money you pay back is called interest.
What amount will an account have after 9 years if 125 DOLLARS is invested at 8 percent interest compunded continuously?
249.88 dollars
You start a account with $2500 and a interest rate of 6.5 compounded yearly. How much is in the account after 7 years?
It is 3884.97 dollars.
1600 dollars is placed in an account with annual interest rate of 5.25%. How much will be in the account after 25 years, to the nearest cent?
4
If an account balance is being charged 1 percent interest per week is this the same thing as saying 52 percent per year. What is the equation for finding the true annual rate of interest?
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.
Does Chase bank have free checking accounts?
Chase Bank does have free checking as long as you have a minimum balance of 100 dollars. there are also interest bearing checking accounts were if you maintain a balance of at least 1500 dollars your account will receive interest on your checking account.
You deposit 700 in an account that pays 8 percent interest compounded yearlyfind the balance after 13 years?
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.
How much interest will you earn on 200 million dollars in a day?
The interest earned will fluctuate with the interest rate and type of account. As of March 2013 interest rates, the daily interest accrued would be approximately $21,918.
You deposit $200 per year in a bank account that offers an annual interest rate of 6. After 5 years your total earnings in interest are?
The total interest is 67.65 dollars.
How much interest does a 100 billion dollars earn a day?
Assuming this 100 billion dollars is deposited in a savings account that earns an interest of 1% per year, the interest earned in a day would be $ 2739726. Assuming this 100 billion dollars is deposited in a Certificate of Deposit that earns around 2.5% interest per year, the interest earned in a day would be $6849315
