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After 2 years Deion earned 270 in simple interest from a CD into which he initially deposited 6000. What is the annual interest rate of the CD?
2.25 percent apex
What else can I help you with?
Suppose you deposited 100 per month into a savings plan for 10 years and at the end of that period your balance was 22200. What is the amount you earned in interest was?
It was 10200.
Mark deposited 200 in a savings account after one year his account with interest had a balance of 211 about how much interest did he earn each week?
He earned just over 0.21 per week, so it would be rounded to 0.21 per week.
How is interest different from compound interest?
Simple interest is interest paid on the original principle only, Compound interest is the interest earned not only on the original principal, but also on all interests earned previously.
Can compound interest be described as interest earned on principle along with accumulated interest?
true
This type of interest is calculated by adding the interest earned to the principal.?
compound
After 3 years, Remington earned $390 in simple interest from a CD into which he initially deposited $4000. What was the annual interest rate of the CD?
3.25%
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 much interest is earned on the account?
A $5000 investment at an annual simple interest rate of 4.4% earned as much interest after one year as another investment in an account that earned 5.5% annual simple interest. How much was invested at 5.5%?
Investing 450.00 at 3.5 percent annual interest or 400.00 at 4.5 percent annual interest What is the difference in the amount of interest that could be earned?
2.25
How much interest will be earned if 20000 is deposited in a bank at 6 percent interest?
6 ÷ 100 × 20000 = 1200
What is the percent of the princaple earned as interest in one year called?
The annual (or annualised) interest rate.
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
How do you calculate the interest earned in one year?
To calculate the interest earned in one year, you can use the formula: Interest = Principal × Rate × Time. Here, the Principal is the initial amount of money invested or borrowed, the Rate is the annual interest rate (expressed as a decimal), and Time is the duration in years (which is 1 for one year). For example, if you have a principal of $1,000 and an annual interest rate of 5%, the interest earned in one year would be $1,000 × 0.05 × 1 = $50.
If you invested 15000 In two accounts paying 6% and 8% annual interest. If the total interest for the year was $1120 how much interest was earned at each rate?
You invested $15,000 in two accounts paying 6% and 8% annual interest, respectively.
A deposit of 10000.00 was made to an account the year you were born After 12 years the account had earned 6600.00 in interest What simple interest rate did the account earn?
Deposited amount (P) = 10000 Rate of Interest (R) = ? No. of Years (N) = 12 Interest Earned Formula = P * N * R / 100 Modifying the formula we get: R = Interest Earned * 100 / P * N = (6600 * 100) / (10000 * 12) = 660000/120000 = 5.5% They earned an interest of 5.5% per year for 12 years.
How do you use a 365 day year to compute interest on depository accounts?
To compute interest on depository accounts using a 365-day year, you first determine the annual interest rate and then divide it by 365 to find the daily interest rate. Next, you multiply the daily interest rate by the number of days the funds are deposited to calculate the total interest earned. This method ensures accurate interest calculations, particularly for accounts with varying balances or withdrawal activity throughout the year.
Juan deposited 200 in a savings account earning 3 percent interest over 2 years What was the total amount of interest earned after 2 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
