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A $5000 investment at an annual simple interest rate of 4.4% earned as much interest after one year as another investment in an account that earned 5.5% annual simple interest. How much was invested at 5.5%?
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What is the primary factor that will affect how much is earned in a saving account?
The interest rate.
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.
The amount of money earned in a year by a savings account is called the?
ANSWER It is called "interest".
Is interest income taxed when received or earned?
Interest income is considered taxable when earned. For example, if your savings account accrues interest, it is taxable at the time of accrual even if you are not utilizing the funds within the account. However, if you are accruing interest on a treasury bond that you have not yet cashed, the interest is not taxable until the bond is cashed and you receive the funds.
Disadvantages of savings bank account?
Actually there are no disadvantages of having a savings account. Saving money is a good habit and keeping it in a bank account is even better because it will earn you an interest. The only downside is that the interest earned in a savings account is much much lesser than a fixed deposit but nonetheless the money is liquid and you can take it anytime you want, which isn't the case with a fixed deposit.
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
What is the primary factor that will affect how much is earned in a saving account?
The interest rate.
Is the interest earn t in a bank account classed as an investment?
Interest earned in a bank account is not an investment. It is considered an income. The money that you have in the bank account that earned the interest for you is considered the investment
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.
1000 dollars is invested in a savings account that pays 9 percent interest per year The interst earned after the first year is added to the account How much interest is earned on the following year?
$98.10 in interest is earned in the following year.Year One:$1000 x 0.09 = $90$1000 + $90 = $1090Year Two:$1090 x 0.09 = $98.10
What is the journal entry for interest earned on a checking account?
Debit cash / bankCredit interest income
Does the amount of interest earned each year increase decrease or stay the same in a simple interest account What about in a compound interest account?
Simple interest: stays the same. Compound interest: increases.
Does the amount of interest earned each year increase decrease or stay the same in a simple interest account. What about in a compound interest account?
Simple interest: stays the same. Compound interest: increases.
What is the value of compound interest?
Compound interest increases the amount earned by adding credited interest to the principal, and interest will then be earned on that money as well. The longer the principal and interest remain in the account, the greater the earnings they will accrue.
How much would Kendra have in her account after three years if she started with 500 and earned 2 percent interest compounding annually?
$530.60
What are the ramifications if a firm has too much cash on hand?
Having too much cash on hand can lead to missed investment opportunities, reduced returns for shareholders, and inefficient use of resources. It may also make the firm a target for acquisition or activist investors seeking to unlock value from the excess cash.
Savings account A has 1500 and pays 3.5 percent interest yearly Savings account B has 1400 and pays 4 percent interest yearly The savings account that earned the most interest after one year is?
Account B
