can you help me with a banking question?

Question

i opened this type of one year-savings accoount. ok. I deposited 600 bucks in it. Then, this account requires me to deposit at least 50 bucks each month. Alright?
So lets say I do deposit 50 bucks each month. So one year from now I will have the $600 and the $50 times 12 months. So one year from now I will have a total of $1200. It says that the dividend rate is 4.790% and annual percent yield is 4.90%.
I don't really understand those terms. I just wanna know how much money will be in my account one year from now.

Answer 1

dividence for companies that use ur money in investment and i think its the same is yeild

1200 * 4.9/100 = 58.5 interest per year i think

Answer 2

it is the business of the clerk of the bank,when you withdraw money from the account.he will give you the detailed information.actually,you failed to make yourself understood .I am in the dark about the amount of money you deposit in the bank.It seems to be 1200 bucks.Also ,you are going to make use of two manners to save your money.One is that you will deposit 50 bucks each month ,and you will do that consecutively.The other manner you choose is to deposit 1200 bucks at one time.Since the dividend rate is different from annual interest rate.If you really want to know this result,I am willing to calculate it for you.
Firstly,let us calculate the total amount of money you can get at the end of the year about the first type of deposit manner. sicne the monthly rate is 4.790%
so.for the last month you cannot get this dividend.the dividend .
so the money you will get should calculated like this
the first month you deposit 50 bucks
the second you will get 50(1+4.790%) ,again ,you deposit 50 bucks into the account,so the total amount of money you deposit is 50+50(1+4.790%)
the third month should be 50+[50+50(1+4.790%)](1+4.790%)
in the fourth month,the total money you deposit in your account should be
50+{50+[50+50(1+4.790%)](1+4.790%) }
,then it is urgentfor us to simplify the above formula
the first month is 50
the second is 50+50(1+4.790%)=100+50*4.790%
the third is 50+[50+50(1+4.790%)](1+4.790%)


therefore,we can get the following formula
50*(1+4.790%)^12+50*(1+4.790%)^11+50*(1+4.790%)^10......+50*(1+4.790%)^2+
50*(1+4.790%) =(you should calculate the result by yourself)


about the second type of manner,the total amount of money is
1200*(1+4.90%)=1268.8 bucks

Answer 3

This is your annual interest rate so multiply the 1200 time 4.9% and you will get the amount that will be added to your account.

Answer 4

neither answer above is close to right.
600 x 4.9% = 29$
600 x 4.79 % = less than 27$. total interest is less than 56$.
you don't get 4.9% on 1200$.
you need a book on money fast before you get burnt.

Answer 5

You would have $1,245.17 in your account at the end of one year.