Lets say you have 100 in a savings account that pays a 1 interest rate. After five years how much would you have.
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Thanks for the help CPhill.
. 1 Suppose you had 100 in a savings account and the interest rate was 2 per year. Suppose you have 100 in a savings account earning 2 percent interest a year. You forecast an APR of 489 with monthly compounding.
Take the Financial Literacy Quiz. A savings account with 100 and a 2 percent annual interest rate would earn 2 in interest for an ending balance of 102 by the end of the first year. After five years how much do you think you would have in the account if you left the money to grow.
A 100103 1. A savings account with 100 and a 2 percent annual interest rate would earn 2 in interest for an ending balance of 102 by the end of the rst year. A 100103 A 103.
Suppose you deposit 100 in a savings account that compounds annually at 2. Suppose that you deposit 100 in a savings account at West of the Pecos Bank at the end of each month for the next 14 years. Imagine that the interest rate on your savings account is 1 percent a year and inflation is 2 percent a year.
100 1 0021 15 100 1025. You are trying to figure out the highest amount you could withdraw each year so that your savings are completely depleted with the last withdrawal. After five years how much would you have.
After 1 year at this rate the bank changes its rate of compounding to 15 annually. Applying the same 2 percent interest rate the 102 would earn 204 in the second year for an ending balance of 10404 at. After a year you will have 101 in your account.
This period of time is your intended holding period. After a year you will have 101 in your account. Suppose you have 10000 today in an account earning 3 interest per year.
You would have more than 102. A 100119405229653 A 119405229653. After time t of 5 years the Principal will have increase to 11041 which is.
After one year would the money in the account buy more than. The total amount of money after six years of interest. Suppose you have 100 in a savings account earning 2 percent interest a year.
Earning 2 a year in interest would get you 2 in interest the very first year. You plan to leave these contributions and any interest earned in the account until the end of your holding period. 100 1104 11041.
A More than 102. Suppose you deposit 100 in a savings account that. After 5 years how much do you think you would have in the account if you left the money to grow.
Test your financial literacy knowledge with the Big Five questions. This brings your savings account up to 102 dollars. This question deals with the idea of compounding interest.
You would like to make annual withdrawals of the same amount for the next 8 years. The Correct Answer is more than 102. At the end of the first year you earn 2 on your 100 in principal or 2.
Compound interest for 5 years P 1 rnnt. A 1001 003 1. Using the formula for compound interest.
1 Suppose you had 100 in a savings account and the interest rate was 2 percent per year. A 100103 6. A 1001 003 6.
100002 2 Adding this to the amount in the account you would have 1002 102 after the first year. Im sure that these answers are correct.
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