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### : A high interest savings account pays 5.5 interest

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## A high-interest savings account pays 5.5% interest compounded annually. If $300 is deposited initially and again at the first of each year, which summation represents the money in the account 10 years after the initial deposit? Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 300 (0.055) Superscript n minus 1 Sigma-Summation Underscript n = first citizens national bank union city tn Overscript 10 EndScripts 305.5 (1.055) Superscript n minus 1 Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 316.5 (0.055) Superscript n minus 1 Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 316.5 (1.055) Superscript n minus 1

Step-by-step explanation:

If $ 300 is deposited in an account which pays 5.5% interest compounded annually.

Then the amount after 1 year,

Similarly, In the second year the amount in his account,

=

In third year the amount in his account =

In fourth year =

According to the question,

He repeat this process up to 10 years,

Hence, in the 10 years the amount in his account

= --------- up to 10 terms,

=

**Use the compound interest formula to solve the following.**

**Example**: If a $500 certificate of deposit earns 4 1/4% compounded monthly then how much will be accumulated at the end of a a high interest savings account pays 5.5 interest year period?

**Answer**: At the end of 3 years the amount is $576.86.

**Example**: A

*a high interest savings account pays 5.5 interest*investment earns 8 3/4% compounded quarterly. If $10,000 is invested for 5 years, how much will be in the account at the end of that time period?

**Answer**: At the end

**a high interest savings account pays 5.5 interest**5 years the account have $15,415.42 in it.

The basic idea is to first determine the given information then substitute the appropriate values into the formula and evaluate. To avoid round-off error, use the calculator and round-off only once as the last step.

- Annual n = 1
- Semiannual n = 2
- Quarterly n = 4
- Monthly n = 12
- Daily n = 365

One important application is to determine the

**doubling time**. How long does it take for the principal in an account earning compound interest to double?

**Example**: How long does it take to double $1000 at an annual interest rate of 6.35% compounded monthly?

**Answer**: The account will double in approximately 10.9 years.

The key step in this process is to apply the common logarithm to both sides so that we can apply the power rule and solve for time

*t*. Use the calculator in the last step and round-off only once.

**Example**: How long will it take $30,000 to accumulate to $110,000 in a trust that earns a 10% return compounded semiannually?

**Answer**: Approximately 13.3 years.

**Example**: How long will

*a high interest savings account pays 5.5 interest*take our money to triple in a bank account with an annual interest rate of 8.45% compounded annually?

**Answer**: Approximately 13.5 years to triple.

Make a note that doubling or tripling time is independent of the principal. In the previous problem, notice that the principal was not given and that the variable

*P*cancelled.

**Use the continuously compounding interest formula to solve the following.**

**Example**: If a $500 certificate of deposit earns 4 1/4% annual interest compounded continuously then how much will be accumulated at the end of a 3 year period?

**Answer**: the amount at the end of 3 years will be $576.99.

**Example**: A certain investment a high interest savings account pays 5.5 interest 8 3/4% compounded continuously. If $10,000 dollars is invested, how a high interest savings account pays 5.5 interest will be in the account after 5 years?

**Answer**: The amount at the end of five years will be a high interest savings account pays 5.5 interest previous two examples are the same examples that we started this chapter with. This allows us to compare the accumulated amounts to that of regular compound interest.

The answer is over 8 million dollars. One can only

**a high interest savings account pays 5.5 interest**actually how much that would be worth in a century.

Given continuously compounding interest, we are often asked to find the lake osceola state bank reed city mi time. Instead of taking the common log of both sides it will be easier take the natural log of both sides, otherwise the steps are the same.

**Example**: How long does it take to double $1000 at an annual interest rate of 6.35% compounded continuously?

**Answer**: The account will double in about 10.9 years.

The key step in this process is to apply the natural logarithm to both sides so that we can apply the power rule and solve for

*t*. Use the calculator in the last step and round-off only once.

**Example**: How long will it take $30,000 to accumulate to $110,000 in a trust that earns a 10% annual return compounded continuously?

**Answer**: Approximately 13 years.

**Example**: How long will it take our money to triple in a bank account with an annual interest rate of 8.45% compounded continuously?

**Answer**: Approximately 13 years.

**YouTube Video:**

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### A high interest savings account pays 5.5 interest -

## A high-interest savings account pays 5.5% interest compounded annually. If $300 is deposited initially and again at the first of each year, which summation represents the money in the account 10 years after the initial deposit? Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 300 (0.055) Superscript n minus 1 Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 305.5 (1.055) Superscript n minus 1 Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 316.5 (0.055) Superscript n minus 1 Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 316.5 (1.055) Superscript n minus 1

Step-by-step explanation:

If $ 300 is deposited in an account which pays 5.5% interest compounded annually.

Then the amount after 1 year,

Similarly, In the second year the amount in his account,

=

In third year the amount in his account =

In fourth year =

According to the question,

He repeat this process up to 10 years,

Hence, in the 10 years the amount in his account

= --------- up to 10 terms,

=

## Asap

a high-interest savings account pays 5.5% interest compounded annually. if $300 is deposited initially and again at the first of each year, which summation represents the money in the account 10 years after the initial deposit?

Step-by-step explanation:

If $ 300 is deposited in an account which pays 5.5% interest compounded annually.

Then the amount after 1 year,

Similarly, In the second year the amount in his account,

=

In third year the amount in his account =

In fourth year =

According to the question,

He repeat this process up to 10 years,

Hence, in the 10 years the amount in his account

= --------- up to 10 terms,

=

## Asap

a high-interest savings account pays 5.5% interest compounded annually. if $300 is deposited initially and again at the first of each year, which summation represents the money in the account 10 years after the initial deposit?

Step-by-step explanation:

If $ 300 is deposited in an account which pays 5.5% interest compounded annually.

Then the amount after 1 year,

Similarly, In the second year the amount in his account,

=

In third year the amount in his account =

In fourth year =

According to the question,

He repeat this process up to 10 years,

Hence, in the 10 years the amount in his account

= --------- up to 10 terms,

=

**Use the compound interest formula to solve the following.**

**Example**: If a $500 certificate of deposit earns 4 1/4% compounded monthly then how much will be accumulated at the end of a 3 year period?

**Answer**: At the end of 3 years the amount is $576.86.

**Example**: A certain investment earns 8 3/4% compounded quarterly. If $10,000 is invested for 5 years, how much will be in the account at the end of that time period?

**Answer**: At the end of 5 years the account have $15,415.42 in it.

The basic idea is to first determine the given information then substitute the appropriate values into the formula and evaluate. To avoid round-off error, use the calculator and round-off only once as the last step.

- Annual n = 1
- Semiannual n = 2
- Quarterly n = 4
- Monthly n = 12
- Daily n = 365

One important application is to determine the

**doubling time**. How long does it take for the principal in an account earning compound interest to double?

**Example**: How long does it take to double $1000 at an annual interest rate of 6.35% compounded monthly?

**Answer**: The account will double in approximately 10.9 years.

The key step in this process is to apply the common logarithm to both sides so that we can apply the power rule and solve for time

*t*. Use the calculator in the last step and round-off only once.

**Example**: How long will it take $30,000 to accumulate to $110,000 in a trust that earns a 10% return compounded semiannually?

**Answer**: Approximately 13.3 years.

**Example**: How long will it take our money to triple in a bank account with an annual interest rate of 8.45% compounded annually?

**Answer**: Approximately 13.5 years to triple.

Make a note that doubling or tripling time is independent of the principal. In the previous problem, notice that the principal was not given and that the variable

*P*cancelled.

**Use the continuously compounding interest formula to solve the following.**

**Example**: If a $500 certificate of deposit earns 4 1/4% annual interest compounded continuously then how much will be accumulated at the end of a 3 year period?

**Answer**: the amount at the end of 3 years will be $576.99.

**Example**: A certain investment earns 8 3/4% compounded continuously. If $10,000 dollars is invested, how much will be in the account after 5 years?

**Answer**: The amount at the end of five years will be $15,488.30.

The previous two examples are the same examples that we started this chapter with. This allows us to compare the accumulated amounts to that of regular compound interest.

The answer is over 8 million dollars. One can only wonder actually how much that would be worth in a century.

Given continuously compounding interest, we are often asked to find the

**doubling time**. Instead of taking the common log of both sides it will be easier take the natural log of both sides, otherwise the steps are the same.

**Example**: How long does it take to double $1000 at an annual interest rate of 6.35% compounded continuously?

**Answer**: The account will double in about 10.9 years.

The key step in this process is to apply the natural logarithm to both sides so that we can apply the power rule and solve for

*t*. Use the calculator in the last step and round-off only once.

**Example**: How long will it take $30,000 to accumulate to $110,000 in a trust that earns a 10% annual return compounded continuously?

**Answer**: Approximately 13 years.

**Example**: How long will it take our money to triple in a bank account with an annual interest rate of 8.45% compounded continuously?

**Answer**: Approximately 13 years.

**YouTube Video:**

---

## DMCA Complaint

If you believe that content available by means of the Website (as defined in our Terms of Service) infringes one or more of your copyrights, please notify us by providing a written notice (“Infringement Notice”) containing the information described below to the designated agent listed below. If Varsity Tutors takes action in response to an Infringement Notice, it will make a good faith attempt to contact the party that made such content available by means of the most recent email address, if any, provided by such party to Varsity Tutors.

Your Infringement Notice may be forwarded to the party that made the content available or to third parties such as ChillingEffects.org.

Please be advised that you will be liable for damages (including costs and attorneys’ fees) if you materially misrepresent that a product or activity is infringing your copyrights. Thus, if you are not sure content located on or linked-to by the Website infringes your copyright, you should consider first contacting an attorney.

Please follow these steps to file a notice:

You must include the following:

Send your complaint to our designated agent at:

Charles Cohn Varsity Tutors LLC

101 S. Hanley Rd, Suite 300

St. Louis, MO 63105

Or fill out the form below:

## A high-interest savings account pays 5.5% interest compounded annually. If $300 is deposited initially and again at the first of each year, which summation represents the money in the account 10 years after the initial deposit? Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 300 (0.055) Superscript n minus 1 Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 305.5 (1.055) Superscript n minus 1 Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 316.5 (0.055) Superscript n minus 1 Sigma-Summation Underscript n = 1 Overscript 10 EndScripts 316.5 (1.055) Superscript n minus 1

Step-by-step explanation:

If $ 300 is deposited in an account which pays 5.5% interest compounded annually.

Then the amount after 1 year,

Similarly, In the second year the amount in his account,

=

In third year the amount in his account =

In fourth year =

According to the question,

He repeat this process up to 10 years,

Hence, in the 10 years the amount in his account

= --------- up to 10 terms,

=