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If you deposit 10000 in a bank account that pays 8 percent interest annually how much would be deposited in your account after 5 years?
Wiki User
∙ 14y ago
Principle = 10,000/-
Interest Rate = 0.08
Tenor = 5 YEARS
Value of deposit on maturity = Principle X (1+Interest Rate) ^ Tenor
= 10,000 X (1+0.08)^5 = Rs 14,693.28
Wiki User
∙ 14y ago
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If you deposit 10000 in a bank account that pays 8 percent interest anually how much would be deposited in your account after 5 years?
(10000)(0.8)(5)/100 ~ 10400
What is the principal of a compound interest?
Adding the interest to the original deposit accelerates the deposited value.
Can bank close your deposit account?
Sure you can. It's your money and your account and you can close it anytime you wish. However, if you are closing your deposit account before its intended maturity date the bank can charge you a small penalty on the interest component for doing so. But the original money you deposited will not be touched and will be refunded in full when you close the account.
What is an Interest deposit?
There are two types of deposits accounts that earn an interest in banks. They are: A Fixed Deposit Account is one in which the customer deposits a big sum of money (Usually a few thousands and upwards. There is actually no limit to the amount of money you can deposit in a FD) for a fixed duration of time (Atleast 3 months or higher). Since you agree to keep the money deposited with the bank for a fixed/agreed upon duration, the bank gives you a very good interest as payment for keeping the deposit A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account.
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/-
If you deposit 10000 in a bank account that pays 10 percent interest anually how much would be deposited in your account after 5 years?
5000
What if Jennifer deposited 10000 in an account that earns compound interest. The annual interest rate is 8 and the interest is compounded 2 times a year. The current balance in the account is 10?
No. If the account is earning interest the current amount should be greater than the initial deposit.
If you deposit 10000 in a bank account that pays 8 percent interest anually how much would be deposited in your account after 5 years?
(10000)(0.8)(5)/100 ~ 10400
What is the Difference between saving bank rate and Deposit rate?
deposit rate interest rate paid by the depository institution on the cash on deposit where as saving bank rate is interest paid by the banking institution on saving account holder which is calculated on daily basis and credited to customer account quaterly or semi annually.
What is the principal of a compound interest?
Adding the interest to the original deposit accelerates the deposited value.
What is the purpose of a savings?
A Savings Account is a type of account that is designed to promote savings among the general public. You can deposit and withdraw money from this account but at the same time the bank offers you an interest on the money deposited into the account.
You deposit 300 today 500 one year from now and 600 four years from now into an account that earns 8 percent compounded annually How much money will you have 7 years from now?
Assuming you deposit the money on the first day of each year you will have 2,124 from the 1,400 you'd deposited earning a total of 724 interest
How is lottery money deposited into a checking account?
direct deposit
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.
When is the interest paid on Business Time Deposit Accounts?
The frequency with which you choose to receive your interest payment depends on the term of your Business Time Deposit Account. For terms of seven through 31 days, interest may be paid only at maturity. For terms of 32 days to one year, interest may be paid monthly, quarterly, semi-annually, annually, or at maturity. For terms greater than one year, interest must be paid at least annually and may be paid monthly, quarterly, or semi-annually.
How do you use deposited in sentences?
I deposited the cheque into my bank account. I made a deposit on the new T.V. set.
What is a NOW account?
A deposit account that pays interest.
