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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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12y ago

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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 do you record interest earned?

To record interest earned, you typically make a journal entry that credits an interest income account and debits an asset account, such as cash or accounts receivable, depending on whether the interest has been received or is accrued. For example, if you earned $100 in interest, you would debit the cash account and credit the interest income account. This ensures that your financial statements accurately reflect the income earned during the accounting period.


Taylor wrote a check for 18 on the same day his bank paid interest to his account If his account balance changed 13 that day how much interest did he earn?

Well, honey, if Taylor's account balance changed by $13 on the day his bank paid interest and he wrote a check for $18, then he must have earned $31 in interest. It's simple math, darling. Just add the check amount to the change in the account balance, and there you have it.


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.


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 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.