0
Ignoring compounding the annual increase is 5000 * 0.065 = 325
So he gains $325 per year for eight years which is 325 * = 2600
2600 + 5000 = $7600 in total.
We could have skipped some steps by doing 5000 * (1+(8*0.065)), essentially multiplying the starting number by the final percentage increase.
What else can I help you with?
What kind of savings account is 401k?
A 401k is a retirement savings account which has very strict rules and regulations concerning deposits and withdrawals.
How do you obtain funds that are deposited in a fiduciary account?
The fiduciary is the person with the authority to make deposits to and withdrawals from a fiduciary account. If the original fiduciary cannot act a new fiduciary must be appointed.
What can you do with an account number?
An account number is used to identify and access a specific account, such as a bank account or a utility account. With an account number, you can make deposits, withdrawals, transfers, and payments related to that specific account. It is important to keep your account number secure to prevent unauthorized access.
What is the typical appearance of a bank statement?
A bank statement typically includes details of transactions, such as deposits and withdrawals, account balance, and fees. It may also show the date of the statement, account number, and the bank's contact information.
Why does my available balance not match my current account balance?
Your available balance may not match your current account balance because some transactions, like pending deposits or withdrawals, may not have been fully processed yet. This can temporarily affect the amount of money you can access in your account.
What is the meaning of square the account?
When you square an account, you have brought it up to date in terms of all deposits and withdrawals.
How do you use a checkbook ledger?
an informal recored of all deposits to and withdrawals from a given checking account
900 in savings account that earns 4 percent interest after two years how much is in the account if no deposits or withdrawals have been made?
It depends on the compounding frequency of the rate of interest earned on your bank account. Some banks compound the interest yearly and some do it quarterly. If the interest is compounded every year you will have 973.44 at the end of 2 years.
Is withdrawals debit or credit?
Withdrawals are typically considered debits in accounting and banking. When you withdraw funds from an account, it decreases the account balance, which is reflected as a debit entry. Conversely, deposits are treated as credits, increasing the account balance.
What kind of savings account is 401k?
A 401k is a retirement savings account which has very strict rules and regulations concerning deposits and withdrawals.
You have opened a Business Time Deposit Account and you want to know the common limitations for this type of account?
Yes. After you have opened the account, you may not make additional deposits into, or withdrawals from, the account until the maturity date. Withdrawals prior to maturity are subject to an Early Withdrawal or Compensating Fee.
What is owners savings?
An owner's savings account is also known as the owner's equity account. The owner's equity account keeps track of deposits and withdrawals to the account, and how much principal the owner has invested in the business.
How do you obtain funds that are deposited in a fiduciary account?
The fiduciary is the person with the authority to make deposits to and withdrawals from a fiduciary account. If the original fiduciary cannot act a new fiduciary must be appointed.
What is a sentence for deposition?
The Grand Canyon & and The NIle Delta are Formed by deposition
What can you do with an account number?
An account number is used to identify and access a specific account, such as a bank account or a utility account. With an account number, you can make deposits, withdrawals, transfers, and payments related to that specific account. It is important to keep your account number secure to prevent unauthorized access.
You deposit 900 in a savings account that earns 4 interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for 2 years at the end of 2 year?
$973.44 Mostly your account would become dormant. Most banks have some specifications of the number of minimal transactions that need to be done on an account for it to remain active. If you do not have any deposits/withdrawals for more than 1year the account would become dormant and you may have to visit the branch and re-activate it.
You deposit 900 in a savings account that earns 4 percent interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for two years at the end?
$973.44
