0
Still curious? Ask our experts.
Chat with our AI personalities
Rene
Professor
BeauAdd your answer:
Earn +20 pts
Future value of 2000 in 5 years at interest rate of 5 percent?
Compounded annually: 2552.56 Compounded monthly: 2566.72
What is the effective annual rate of 8 percent interest that is compounded monthly?
0.67 percent
What is your monthly interest rate at 9.75 percent on 365.00?
Assuming that the interest rate is 9.75% per year, the answer will depend on how often the interest is compounded.
How much interest would be paid on 11000.00 at 6 percent per month?
11000*6/100 = 6606% per month is an outlandish interest rate - equivalent to more than 100 percent annually.11000*6/100 = 6606% per month is an outlandish interest rate - equivalent to more than 100 percent annually.11000*6/100 = 6606% per month is an outlandish interest rate - equivalent to more than 100 percent annually.11000*6/100 = 6606% per month is an outlandish interest rate - equivalent to more than 100 percent annually.
In how many years your amount will be double if rate of interest is 10 percent annually in compound interest?
Approximately 7 years. The general rule is to divide 70 by the interest rate to get an approximation of how long it will take to double. If the interest is compounded annual you will have $194.88 after 7 years, and $214.37 after 8 years. Though if interest is compounded more regularly (ie. monthly or daily) this will grow at a slightly faster rate.
