If interest on a savings account is paid monthly at an annual rate of $614percent and if the interestis not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?$

Question

If interest on a savings account is paid monthly at an annual rate of <math xmlns="http://www.w3.org/1998/Math/MathML">614percent and if the interestis not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?

Satt Academy · Accepted Answer

16 - Here,   Interest   =  Principal
We know,  Interest   =  (prinicpal&times;time&times;rate)p/100
Interest  =  (interest &times; time &times;61/4o/100
time  =  100&times;4/25 <...

If interest on a savings account is paid monthly at an annual rate of $6 \frac{1}{4}$ percent and if the interestis not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?

সরল ও যৌগিক মুনাফা (Simple & Compound interest) টপিকের বিষয়বস্তুঃ

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Satt AI

Hi, আমি SATT AI!

If interest on a savings account is paid monthly at an annual rate of 614percent and if the interestis not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?

সরল ও যৌগিক মুনাফা (Simple & Compound interest) টপিকের বিষয়বস্তুঃ

Related Question

Related Question

Promotion

Satt AI

Hi, আমি SATT AI!

If interest on a savings account is paid monthly at an annual rate of $6 \frac{1}{4}$ percent and if the interestis not reinvested, then in how many years will the total amount of interest earned equal the amount of money saved in the account?