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Suppose you are investing $10,000 in a bank deposit paying interest every year, and the interest rate is 1%, how much money would you have
Suppose you are investing $10,000 in a bank deposit paying interest every year, and the interest rate is 1%, how much money would you have after 5 years when interest income is not reinvested: $? What would the result be if interest is reinvested at the same interest rate: $ ? What if the bank paid interest every 6 months and interest is reinvested: $ ? (all answers rounded to two decimal points)
4. Suppose you are investing $10,000 in a bank deposit paying interest every year, and the interest rate is 1%, how much money would you have after 5 years when interest income is not reinvested: $ |? What would the result be if interest is reinvested at the same interest rate: $1 ? What if the bank paid interest every 6 months and interest is reinvested: ? (all answers rounded to two decimal points)
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