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6,209 compounded at 5.2% for 5 years yields 8,000
With compound interest - the balance after 7 years would be 26336.18
It is 3884.97 dollars.
(1 + .07/4)4x = 3 4x log(1+.07/4) = log(3) x = 0.25 log(3)/log(1.0175) = 15.83 The amount of the original investment doesn't matter. At 7% compounded quarterly, the value passes triple the original amount with the interest payment at the end of the 16th year.
Matt will have $2,298.65.
6,209 compounded at 5.2% for 5 years yields 8,000
Five years
If you opened a savings account and deposited 5000 in a six percent interest rate compounded daily, then the amount in the account after 180 days will be 5148.
With compound interest - the balance after 7 years would be 26336.18
It is 3884.97 dollars.
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.
$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.
(1 + .07/4)4x = 3 4x log(1+.07/4) = log(3) x = 0.25 log(3)/log(1.0175) = 15.83 The amount of the original investment doesn't matter. At 7% compounded quarterly, the value passes triple the original amount with the interest payment at the end of the 16th year.
No. If the account is earning interest the current amount should be greater than the initial deposit.
Matt will have $2,298.65.
$156.08
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