Posted by **Mike** on Thursday, April 14, 2011 at 10:45am.

you deposit $1000 at 3% per year.what is the balance at the end of one year,and what is the annual yield,if the interest.Please help solve the problem.

Simple interest?

Compounded annually?

Compounded quarterly

Compounded daily

- Math -
**MathMate**, Thursday, April 14, 2011 at 11:10am
John,George,Mike or Lucky,

This is the same type of question as your previous question:

http://www.jiskha.com/display.cgi?id=1302748623

Study the previous response carefully and you will get the answer for this one easily.

If you need further help, post.

- Math -
**Mike**, Thursday, April 14, 2011 at 2:33pm
This one is qt different..i need more help..Thanks!

- Math -
**MathMate**, Thursday, April 14, 2011 at 2:51pm
For simple interest, and compounded yearly, at the end of one year, the interest is the same, as there is only one period.

interest rate = 1.03

Balance = PRN = 1000*1.03*1 = $1030

Interest = balance - principal = 1030-1000=$30

Principal = P = $1000

Compound interest

Compounded annually:

balance = PR^{n} = 1000*1.03^1 = $1030

Interest = 1030-1000=$30

Compounded quarterly:

n = 12months/3months = 4

R = 1+0.03/4 = 1.0075

balance after 1 year

= PR^n

interest = PR^n-P

Compounded daily:

n=365

R=1+0.03/365

balance after 1 year

= PR^n

interest = PR^n-P

- Math -
**Mike**, Thursday, April 14, 2011 at 2:59pm
Thank you very much for your help!

- Math -
**Vanessa**, Friday, January 11, 2013 at 10:30am
PR^n-P

## Answer this Question

## Related Questions

- Math - you deposit $1000 at 3% per year.what is the balance at the end of one ...
- Engineering Economics - Hi there, I am having some trouble solving this problem...
- Math - You deposit $10,000 at 5% per year. What is the balance at the end of one...
- Help meee - Answer from spreadsheet Answer from hand calculation Problem #1: ...
- math - An amount of $3000 was deposited in a bank at a rate of 2% annual ...
- Investing - Interest of 12% per year compounded monthly is roughly equivalent to...
- math - Problem #1: Find the total amount if you deposit $500 at a rate of 5% for...
- Math - Please check my work, thank you If $7,800 is deposited into an account ...
- Math - Deana invests some money that earns interest compounded annually. At the ...
- Algebra - Show how you substitute the values into the formula, then use your ...

More Related Questions