$100.00 in a bank account getting 5% interest. How much would the account be worth after 9 months?

Question

I just opened a regular $100 savings account today at First Community bank. If i don't make any withdraws, how much will be in the account after 9 months has passed.

Answer 1

Not a whole lot, but it is a start!

There are other places offering up to 7% at the moment, you might try looking a little harder, but for the extra $2, it might not be worth it.

Good that you started!

Answer 2

It depends on how they add the interest. Let's say they add it to your account once a month. You would make about 0.4166...% a month, or say .416%. You make .42 for the month, so then you have 100.42. So the next month it is 100.42 multiplied by .416, for 100.84 by the end of the second month, etc. Just keep multiplying, but you need to know when they add interest. Daily is best of course, because it compounds.

Answer 3

It depends on how frequently the interest is compounded. Generally, the interest rate is annual, and the interest is compounded monthly so:
month 1100.0000000 100.4166667
month 2100.4166667 100.8350694
month 3100.8350694 101.2552156
month 4101.2552156 101.6771123
month 5101.6771123 102.1007669
month 6102.1007669 102.5261868
month 7102.5261868 102.9533792
month 8102.9533792 103.3823517
month 9103.3823517 103.8131115

so, you'll have made a blistering $3.82 in interest.

Answer 4

if they say 5% monthly, multiply 100 x .05 x 9 months = answer

Answer 5

103.75 you would only have 3 quarters of your payout of interest. So $3.75 is not exactly worth jumping up and down about. skipping a few of those energy drinks will have a better yield.

Answer 6

Sounds to me like you are yousing Yahoo Answers to do your maths homework for you! Go to the principle's office, right away!!!!!

Answer 7

Dependong on how they calulate the compounding of interest, it''l be between $102.50 and $103.75

Answer 8

You will only make 5 more dollars....