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Family & Relationships5 mins ago
How Much Would £500.00
14 Answers
be worth when put in a saving account with 3% interest in 16 years?
Answers
1 to 14 of 14
£807.55 http://www.t
09:58 Sat 20th Jul 2013
ompound interest and 3% APR
initial amount £500.00
end of year 1 £515.00
end of year 2 £530.45
end of year 3 £546.36
end of year 4 £562.75
end of year 5 £579.64
end of year 6 £597.03
end of year 7 £614.94
end of year 8 £633.39
end of year 9 £652.39
end of year 10 £671.96
end of year 11 £692.12
end of year 12 £712.88
end of year 13 £734.27
end of year 14 £756.29
end of year 15 £778.98
end of year 16 £802.35
initial amount £500.00
end of year 1 £515.00
end of year 2 £530.45
end of year 3 £546.36
end of year 4 £562.75
end of year 5 £579.64
end of year 6 £597.03
end of year 7 £614.94
end of year 8 £633.39
end of year 9 £652.39
end of year 10 £671.96
end of year 11 £692.12
end of year 12 £712.88
end of year 13 £734.27
end of year 14 £756.29
end of year 15 £778.98
end of year 16 £802.35
I agree with Fibonacci's figure if interest is added at the end of each year.
http://
I wonder if jno's model has used monthly interest.
I expect trt only needs an approximate figure though so either answer will do.
If you are a taxpayer the interest will be taxable though. If you pay tax at 20% the net rate falls is 2.4% pa and the value in 16 years will be just under £734.
http://
I wonder if jno's model has used monthly interest.
I expect trt only needs an approximate figure though so either answer will do.
If you are a taxpayer the interest will be taxable though. If you pay tax at 20% the net rate falls is 2.4% pa and the value in 16 years will be just under £734.
1 to 14 of 14
