If i put my money surrounded by a 120 month compact disc how much would i gain?
If i put $500 in a 120 month cd next to an APR of 4.16% and an APY of 4.25% how much money would my $500 be at the end of the 120 months (10 years)?
Answers: It would grown in ten years at $757 for a $257 gain.
Calculation steps:
1) Calculate interval (monthly) interest by dividing 4.16% by 12, and you get 0.3458% (or 0.003458)
2) Add one to that, and make higher it to the 120th exponent (due to there anyone 120 periods): 1.003458^120 = 1.513227
3) Multply result by principal of $500 to get anser I supplied bove.
Formula is END_AMT = Principal x (1+Periodic Rate)^Periods
bankrate.com have a number of accurate, free financial calculators at its site - http://www.bankrate.com/brm/rate/calc_ho...
I could easily find your answer for you, but this is something that every full-size should know how to do. It will come in handy adjectives your life.
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Answers: It would grown in ten years at $757 for a $257 gain.
Calculation steps:
1) Calculate interval (monthly) interest by dividing 4.16% by 12, and you get 0.3458% (or 0.003458)
2) Add one to that, and make higher it to the 120th exponent (due to there anyone 120 periods): 1.003458^120 = 1.513227
3) Multply result by principal of $500 to get anser I supplied bove.
Formula is END_AMT = Principal x (1+Periodic Rate)^Periods
bankrate.com have a number of accurate, free financial calculators at its site - http://www.bankrate.com/brm/rate/calc_ho...
I could easily find your answer for you, but this is something that every full-size should know how to do. It will come in handy adjectives your life.