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Jon deposits 1000 in an account that pays 8 percent interest compounded annually How long will it take to double your money?
Rezikojebiko
1). My money will never double. Let's talk about Jon's money instead.
2). It doesn't matter how much he deposits into the account. The time required for it
to double is the same in any case.
3). At 8% interest compounded annually, the money is very very very nearly ... but
not quite ... doubled at the end of 9 years.
At the end of the 9th year, the original 1,000 has grown to 1,999.0046. If the same
rate of growth were operating continuously, then technically, it would take another
2days 8hours 38minutes to hit 2,000.
But it's not growing continuously; interest is only being paid once a year. So if Jon
insists on waiting for literally double or better, then he has to wait until the end
of the 10th year, and he'll collect 2,158.92 .
Wiki User
∙ 13y ago
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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
You deposit 900 in a savings account that earns 4 percent interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for two years at the end?
$973.44
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.
How much should be deposited today in an account that earns 6 compounded semiannually so that it will accumulate to 10000 in 3 years using present value?
6% compounded annually is equivalent to an annual rate of 12.36%. To increase, at 12.36% annually for 3 years, to 10000, the initial deposit must be 7049.61
Suppose you invest 1600 at an annual interest rate of 5.5 percent compounded continuously How much will you have in the account after 25 years?
balls
What does compounded annually mean?
At the end of the year the interest is deposited in the account. The next year the interest is figured on the principal plus last year's interest.
Do you get any interest on the sum saved in provident fund account?
Yes. Currently it is 8.6% per annum compounded annually
If you deposit 10000 in a bank account that pays 10 percent interest annually how much would be deposited in your account after 5 years?
$16,105.10 if compounded yearly, $16,288.95 if compounded semi-annually, $16,386.16 if compounded quarterly, $16,453.09 if compounded monthly, and $16,486.08 if compounded daily.
June deposited 8450 in an account that pays 6 percent interest compounded annually find the amount she will have in the account at the end of 8 years?
13468.02
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
You deposit 900 in a savings account that earns 4 percent interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for two years at the end?
$973.44
You deposit 2000 in a savings account that pays 10 percent interest compounded annually How much will your account be worth in 15 years?
7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-
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 have a savings account that provides 5% interest, compounded annually, on your total balance. You put $1000 in the account 10 years ago but forgot about it (you haven’t added more money and you haven’t withdrawn money)?
The final amount is $1,647.01
Jeanne's parents want to begin saving money for her college education If they put 5000 in an account with an interest rate of 3.55 compounded annually how much money will Jeanne have after 12 yea?
$62130
What would be the ending balance of a 700 savings account earning 8 percent interest compounded quarterly after 3 years?
8 percent compounded quarterly is equivalent to approx 36% annually. At that rate, after 3 years the ending balance would be 1762.72 approx.
What is good about interest-Bearing checking account?
There are many benefits one can receive on bank accounts which pay interest. Some of these include earning money while saving ones own. Some banks will waive service charges if ones account remains above a set dollar amount.
