» The Most Important Money Tip | Get Rich Slowly::
Jul 5, 2006 Best High Yield Money Market & High Interest Savings Accounts Rates If you can increase the amount you earn, you will accumulate wealth more quickly. Then don't spend much. If your spending and income are roughly
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I have 380,000 in my bank account. The interest rate in the account
is 5%. How much interest will I accumulate if interest is compounded
annually over the next five years? How much interst will I earn in my
account over the next five years with continuous compounding?
Alma College: Stafford Loan FAQs::
How much can I borrow? If you're a dependent undergraduate student you can Interest will begin to accrue-that is, accumulate-when you enter repayment.
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Hi,
1. The formula for calculating your interest earnings using anually compounding is:
(start amount x (interest rate^periods)) - start amount
This results in:
380,000 x 1,05^5 = 484,986.99375 - 380,000 = 104,986.99375
2. The formula for calculating your interest earnings using continuous
compounding is:
(e^(interest rate as a decimal value x periods) x start amount) - start amount
(where e is about 2.7182)
This results in:
(2.7182^(0.05 x 5) x 380,000) - 380,000 = 107,925.98626231281594840532970042
I hope you have enough information. If you any more, please ask for a
clarification!
Thank you,
paul_b_18 al.com: Colleges::
Talk to your financial aid administrator to find out how much you can borrow. Interest will begin to accrue â ” that is, accumulate â ” when you enter
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