Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.
Sagot :
Nazerhy deposits $8,000 in a certificate of deposit. the annual interest rate is 6%, and the interest will be compounded quarterly. The certificate worth 10 years is $14,555.17.
What do you mean by deposit?
- A deposit is the act of giving money (or money equivalents) to an organization, most frequently a bank or other financial institution.
- The deposit is a credit for the party that made it (individually or as a group), and it can be refunded (withdrawn) in line with the conditions set forth at the time of deposit, transferred to another party, or applied to a future purchase.
- The primary source of funding for banks typically deposits.
What is the interest rate?
- The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate (called the principal sum).
- The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.
Learn more about interest rate here:
https://brainly.com/question/13324776
#SPJ4
We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.