ECONOMICS
COMPOUND INTEREST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Audrey deposited $2, 800 in asavings account that pays 2.65% interest compounded annually. What is the totalvalue of the account after 7 years?
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$562.57
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$3362.57
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$14, 514.15
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$2, 569, 680
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Explanation:
Detailed explanation-1: -Thus, Liam’s deposit of $3, 500 in the saving account that pays 0.8% quarterly interest will amount to $3, 613.35 at the end of the first year.
Detailed explanation-2: -I=10020000×2×5=Rs. 2, 000. Was this answer helpful?
Detailed explanation-3: -You would need to deposit $7007.08 to have $12000 in 6 years.
Detailed explanation-4: -According to the Rule of 72, it would take about 14.4 years to double your money at 5% per year.
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