What is the future value of $10,000 on deposit for 5 years at 6% simple interest? (2024)

FAQs

What is the future value of $10,000 on deposit for 5 years at 6% simple interest? ›

The future value of $10,000 with 6 % interest after 5 years at simple interest will be $ 13,000.

What is the future value of $10,000 on deposit for 5 years at 6% simple interest? Hence the required future value is $13,000.

SOLUTION: If an investment company pays 6% compounded semiannually, how much should you deposit now to have $10,000 5 years from now? $7,440.94. (Show Source):

The future value of a $10,000 investment at a 5% annual interest rate compounded semiannually for five years will be approximately $12,800.84 using the compound interest formula.

Final answer: The future value of $1,000 a year for five years at a 6% rate of interest is $1,338.23.

If you invested $10,000 in a mutual fund and the fund earned a 6% return for the year, it means you gained $600, and your investment would be worth $10,600. If you got an average 6% return the following year, it means your investment would be worth $11,236.

Simple Interest Examples

You want to know your total interest payment for the entire loan. To start, you'd multiply your principal by your annual interest rate, or $10,000 × 0.05 = $500.

The future value of $10,000 on deposit for 2 years at 6% simple interest is $11200.

Answer and Explanation: The future value of the deposit will be worth $2,589.52 in five years.

FV factor =(1+r)^n =(1+6%)^7 =1.504 Future Value of Savings =PV*FV factor =1200*1.504 =1804.80 b.

Will my money double in 5 years? ›

Calculator Use

For example if you wanted to double an investment in 5 years, divide 72 by 5 to learn that you'll need to earn 14.4% interest annually on your investment for 5 years: 14.4 × 5 = 72. The Rule of 72 is a simplified version of the more involved compound interest calculation.

If you invest $10,000 and make an 8% annual return, you'll have $100,627 after 30 years. By also investing $500 per month over that timeframe, your ending balance would be $780,326. Exchange-traded funds (ETFs) and mutual funds are both excellent investment options.

Assuming an annual return rate of 7%, investing $50,000 for 20 years can lead to a substantial increase in wealth. If you invest the money in a diversified portfolio of stocks, bonds, and other securities, you could potentially earn a return of $159,411.11 after 20 years.

$1,000 at 0.01 percent APY will only be $1,001 at the end of 10 years. But $1,000 at 5 percent APY will be $1,629 after 10 years.

The future value of $10,000 on deposit for 2 years at 6% simple interest is $11200.

Answer: $1,000 invested today at 6% interest would be worth $1,060 one year from now. Let us solve this step by step.

Answer and Explanation: The future value of a $1000 investment today at 8 percent annual interest compounded semiannually for 5 years is $1,480.24.

For example, if you take out a five-year loan for $20,000 and the interest rate on the loan is 5 percent, the simple interest formula would be $20,000 x .05 x 5 = $5,000 in interest.