Math

A credit union pays 8% per annum compound interest on all fixed deposits . A customer deposited \$24000 in an account . Calculate the total amount of money in the account at the end of two years

1. 👍
2. 👎
3. 👁
1. 24000(1+.08)^2 = 27993.60

1. 👍
2. 👎
2. Total on account after 2 years is \$27993.60

1. 👍
2. 👎

Similar Questions

1. math

Mr chen deposits a certain amount in a bank if the interest of the bank decreased from 3.75% to 3.5% per annum mr chen's interest decrease by 50\$ in a year find the sum of amount he deposits

2. math

find the principle that will yield a compound interest of rs-1632 in 2 years at 4% rate of interest per annum

3. math

Tom deposits \$800 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 2 years?

4. Math

Scott deposits \$400 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 2 years?

1. math. compounding interest

regina deposits 3500 in a savings account that pays 7 1/2 % interest , compounded semiannually. how much interest does the account earn in the first 6 months?

2. math

Find the compound interest on rs 18000 at 10% per annum for 3*1/3 year

3. Mathematics

Faye borrowed \$9600 at 8% per annum compound interest.caculate the interest on the loan for the first year.

4. math

calculate the compound interest on investing \$600 for 2 years at 7% per annum

1. Maths

Raj deposits \$20000 in the bank that pays simple interest at the rate of 2.75% at anuum. If the interest rate decrease to x%. He will receive \$50 less every year. Find the value of x?

2. Math

Heather deposits \$3000 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 3 years?

3. interest math

On April 12, Michelle borrowed \$5,000 from her credit union at 9% for 80 days. The credit union uses the ordinary interest method. a. What is the amount of interest on the loan? \$90 b. What is the maturity value of the loan?\$5090

4. Mathematics

using the compound interest formula find the principal that will yield a compound interest of n\$410 in 2 years at therate of 5 % per annum