If I put $2,500.00 into a high yeild savings account that has and interest rate of 4.25 percent and compounds monthly, how much would i have in five years assuming I never withdrew or deposited money?
2006-09-07 10:49:41 · 4 answers · asked by Kuroi 3 in Education & Reference ➔ Financial Aid
About 3, 000
2006-09-07 11:17:48 · answer #1 · answered by JaxGuy 2 · 0⤊ 0⤋
P=2500 (1+.0425) the (5*12)power. I think.
2006-09-07 11:55:04 · answer #2 · answered by limgrn_maria 4 · 0⤊ 0⤋
if we deal with original money all time it will be
250000+[250000*.0425*12*5]
=887,500
but it will be differ sure if we increase every time after the account increase as sure it will be more than this u, can calculate it by making mathematics series
2006-09-07 13:56:30 · answer #3 · answered by kater al nada 2 · 0⤊ 0⤋
Please use the compoound interest formula which is A= P+(1+r/100)to the power of N. Here N i smonthly compounding
2006-09-09 16:33:10 · answer #4 · answered by Sankaranarayanan R 2 · 0⤊ 0⤋