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13468.02
Assuming interest compounded annually, at the end of 29 years there will be only 270 in the account so it will not be possible to take 24000 in the 29th year.
There is 936.76
The question doesn't tell us the compounding interval ... i.e., how often theinterest is compounded. It does make a difference. Shorter intervals makethe account balance grow faster.We must assume that the interest is compounded annually ... once a year,at the end of the year.1,400 x (1.055)3 = 1,643.94 (rounded)at the end of the 3rd year.
Per annum compound interest formula: fv = pv(1+r)^t Where: fv = future value pv = present (initial) value r = interest rate t = time period Thus, fv = 1000*(1+0.07)^5 = 1000*1.4025517307 = $1402.55
At the end of the year the interest is deposited in the account. The next year the interest is figured on the principal plus last year's interest.
$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.
Yes. Currently it is 8.6% per annum compounded annually
13468.02
4000 x (1.0610) = $7163.39
7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-
The final amount is $1,647.01
$62130
8 percent compounded quarterly is equivalent to approx 36% annually. At that rate, after 3 years the ending balance would be 1762.72 approx.
Assuming interest compounded annually, at the end of 29 years there will be only 270 in the account so it will not be possible to take 24000 in the 29th year.
There is 936.76
If you opened a savings account and deposited 5000 in a six percent interest rate compounded daily, then the amount in the account after 180 days will be 5148.