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Daisy save 40 dollars per week and the bank's rate of interest is 8.5 percent per annum. What is that means 'interest is calculated on the average amount held in the account during the year'?
Wiki User
∙ 13y ago
It means that Daisy save 2080 $ in a year and interest is 8.5% anually(a year). Interest is calculated as : 14.73 $ (2080 $ * 8.5 * 1 / 100 * 12 = 17680 / 1200)
and interest is calculated on an average daily basis.
Wiki User
∙ 13y ago
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If you spent 8 million dollars in 1922 how much would that be today?
1000 trilllion dollars with interest...
What would 9000 US dollars in 1950 be equivalent to in 2009 dollars?
A sum of 9000 dollars in 1950 would be equal to 80,171 dollars in 2009. This is calculated on the basis of annual inflation rate of 3.78 %.
How much would ten thousand dollars in 1956 be worth today?
It would be worth $10,000. If you deposited the money into an interest bearing account you would only be able to figure it out if you figure out the annual rate, times the number of years and add the $10,000.
How can you make 20000 dollars in 90 days?
Deposit $8 million at 1% interest.
Is all GDP calculated in US dollars?
No, other countries calculate their GDP in terms of their own currency. It is common for GDP to be converted to US dollars for comparisons.
How much interest does a million dollars earn in a day?
This really depends on your interest rate and how often your interest rate is calculated. Let's assume you have a 4% interest rate, compounded, that is calculated once per month. That equals just under $110 per day! A higher/lower interest rate can change things drastically and how often your interest is calculated can as well. If your interest is calculated annually, you won't really make much. If your interest rate is .2%, the effect is the same. A 4% rate is common enough and monthly calculation on compound interest is also pretty normal. If you had 1 million dollars to put into a savings account however, you'd probably already know these money facts! Enjoy!
What is the cost per one thousand dollars at 4.25 percent on a 30 year fixed mortgage?
The answer will depend on how frequently the interest is calculated. Assuming the interest is calculated annually, the cost is 59.59 dollars per year. Over the 30 year period, that is equal to 1787.70 dollars per 1000 dollars.
What amount will an account have after 9 years if 125 DOLLARS is invested at 8 percent interest compunded continuously?
249.88 dollars
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.
1000 dollars in a savings account pays 7 percent interest per year The interest earned after the first year is added to the account How much interest is earned on the new principal the following year?
$74.90
1600 dollars is placed in an account with annual interest rate of 5.25%. How much will be in the account after 25 years, to the nearest cent?
4
If an account balance is being charged 1 percent interest per week is this the same thing as saying 52 percent per year. What is the equation for finding the true annual rate of interest?
No if the account earns interest daily, it's earning interest on interest essentially. So if you have $100 and you earn 1% interest, you would have $101 dollars the next day and earn 1.01 dollars in interest, and so on.
Does Chase bank have free checking accounts?
Chase Bank does have free checking as long as you have a minimum balance of 100 dollars. there are also interest bearing checking accounts were if you maintain a balance of at least 1500 dollars your account will receive interest on your checking account.
You deposit 700 in an account that pays 8 percent interest compounded yearlyfind the balance after 13 years?
You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.
How much interest will you earn on 200 million dollars in a day?
The interest earned will fluctuate with the interest rate and type of account. As of March 2013 interest rates, the daily interest accrued would be approximately $21,918.
You deposit $200 per year in a bank account that offers an annual interest rate of 6. After 5 years your total earnings in interest are?
The total interest is 67.65 dollars.
What is the average yield on a 401k account in the United States?
In 2008 the average 401k yielded 50,000 dollars.
