0
If and 2000 is placed in a bank account that pays 3 compound interest per year how much will be in the account in 2 years?
Wiki User
∙ 6y ago
2120.80
Wiki User
∙ 6y ago
Anonymous
Anonymous
Add your answer:
Earn +20 pts
How much interest will 12000 be at 6 in 4 years?
The answer will depend on whether the interest is simple or compound.
If 20000 is invested in a savings account offering 3.5 per year compounded continuously how fast is the balance growing after 7 years (Round your answer to the nearest cent.)?
With compound interest - the balance after 7 years would be 26336.18
How do you get from compound interest after two years back to the original amount?
Suppose thye original amount is y and the rate of interest is r%. Then the total value after two years is y*(1+r/100)2 = y*(1 + r/50 + r2/10000) So the compound interest, alone, after 2 years is y*(r/50 + r2/10000) So y = compound interest/(r/50 + r2/10000)
How many years would it take for money to triple in value at 20 percent per year simple interest?
10 years. Compound interest would take 7 years.
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
What if your savings account pays 5 simple interest. You opened your savings account with 200 and did not add any additional deposits. After 2 years your account balance is approximately?
For simple interest you get $10 a year total in the account for 2 years $220.The answer is arrived at by multiplying $200x1.05x1.05 (for compound interest).$200x1.05x1.05= $220.50
900 in savings account that earns 4 percent interest after two years how much is in the account if no deposits or withdrawals have been made?
It depends on the compounding frequency of the rate of interest earned on your bank account. Some banks compound the interest yearly and some do it quarterly. If the interest is compounded every year you will have 973.44 at the end of 2 years.
You deposit 900 in a savings account that earns 4 percent interest compounded once a year after 2 years the second years interest has been added how much will be in the account?
$972.00From Superscot85: Above answer is for Simple Interest. You specifically stated "compound" so after 2 years balance will be 900 x (1.04)2 ie 973.44
You deposit 250 in a bank account that offers compound interest at a rate of 5 compounding quarterly. At the end of five years your balance is?
320.51 A+
How long does it take to get 40.00 on 8 percent interest with 2.00?
That depends on how the interest works.Is it simple interest ? Is it compound interest ?If compound, then how often is it compounded ?8% simple interest turns $2 into $40 in 237.5 years .8% compound interest, compounded quarterly, does the job in 37.8 years .As you can see, it makes quite a difference.
What will the new balance be if she places 560.25 into an account that pays 2.5 percent annual interest for ten years?
Simple interest: 10 years @2.5% is 25% so 140.06 interest, new total 700.31; Compound interest: 560.25 x (1.025)10 ie 560.25 x 1.28 = 717.12
How much interest will 12000 be at 6 in 4 years?
The answer will depend on whether the interest is simple or compound.
What is the compound interest of 4000 at 4 percent over 30 years?
The interest will be 8973.59 approx.
Find compound interest on Rs800 for 3 years at an interest 8 percent compounded semiannually for three years Find the compound inte?
800 x (1.04)6 ie Rs1012.26
What is different about compound interest from normal interest?
Normal interest is not calculated over a period of time. It is just the formula to calculate the interests gained. Compound interest is calculated over more time periods such as years.
How does compound interest work?
AnswerCompound interest works like this.Take a principle (The amount of money you deposit) of $10,000.Lets say that the interest rate is 8% and that it compounds anually.At the end of one year you would have $10,800.With simple interest, at the end of two years, you would have $11,600 because you only earn interst on the principle.After three years you would have $12,400.However, with compound interest, you will earn interest on not just the principle, but the compounded interest as well.Therefore, with compound interest, at the end of two years, you would have 11,664.After three years it would be $12,597.12 and so on.
