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It depends on how you deposit the money 1 million. Checking accounts usually pay very little or 0 interest so we won't be taking that as an option.

a. Savings Account - Savings account usually earn around 1% interest per year. So it will be: 833.33 dollars in 1 month

b. Certificate of Deposit - CD's usually earn around 4% interest per year. So it will be: 3333.33 dollars in 1 month

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βˆ™ 2011-01-23 04:14:19
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Q: How much the interest is earned in 1 months on a deposit of 1 million won?
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How much interest is earned in 9 months on a deposit of 7000 at 8 percent simple interest?

70 x 8 x 3/4 ie 420


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An interest bearing CD (Certificate of Deposit) is when you deposit an amount of money, usually with a minimum limit, for a set amount of time, usually six months or one year. At the end of the term you can cash the CD in for the money plus interest earned. A good idea for making a little bit of money without having to part with it for too long.


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(5.1 x 4.25)/4 = 5.42


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7.5 x 2.5 ie 18.75


What is a certificate of deposit?

When you put money in a savings account, you can draw it out at any time. In a certificate of deposit, you agree to leave it in the bank for a certain period of time. They pay slightly higher interest because they know that money will be there for 3 months, 6 months, 1 year, etc. If you draw it out early, they reduce your interest.


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How do you calculate interest of 6 months fixed deposit with the principal of 10000 and the interest rate is 8 percent?

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