One type of investment is where you make a single deposit (called the principal) and then let interest add to the balance amount in the account. In this situation, the balance in a savings account may be calculated with this formula: Project rate. balance = principal(1+ nt where principal is the amount deposited rate is the yearly interest rate as a decimal (for example 0.045 is 4.5%) n is the number of times interest is compounded per year t is the number of years the money is left in the account As an example, if I deposit $450.00 at 1.2% interest, compounded twice a year, then at the end of 6 years, I should have a balance in the account of $483.49. That means my investment earned me $33.49 over the course of six years (not a good investment).

One type of investment is where you make a single deposit (called the principal) and then let interest add to the balance amount in the account. In this situation, the balance in a savings account may be calculated with this formula: Project rate. balance = principal(1+ nt where principal is the amount deposited rate is the yearly interest rate as a decimal (for example 0.045 is 4.5%) n is the number of times interest is compounded per year t is the number of years the money is left in the account As an example, if I deposit $450.00 at 1.2% interest, compounded twice a year, then at the end of 6 years, I should have a balance in the account of $483.49. That means my investment earned me $33.49 over the course of six years (not a good investment).

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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