Open study

is now brainly

With Brainly you can:

  • Get homework help from millions of students and moderators
  • Learn how to solve problems with step-by-step explanations
  • Share your knowledge and earn points by helping other students
  • Learn anywhere, anytime with the Brainly app!

A community for students.

if Jerry deposits $1000 initially at a 5% interest rate, how much savings does he accumulate in one year?

See more answers at
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.

Join Brainly to access

this expert answer


To see the expert answer you'll need to create a free account at Brainly

Is the interest rate 5% per year and calculated yearly? If this is the case then it a case of taking the percentage of the $1000. To take a percentage of a number you multiple by the percent divided by 100. E.g. to take 37 percent of 130 you would first divide 37 by 100 which gives 0.37. You would then multiply 0.37 by 130 which gives 48.1. Does this help? Let me know if interest is not calculated per year as then it is compound interest which is calculated differently.
The Interest is also calculated quarterly, monthly and semiannually. Is it a different method and how is this solved?
So if it is calculated quarterly then the formula is \[P(I+\frac{ TotalPercent }{ NumberOfCalc })^{NumberOfCalc}\] For example, to calculate 20 percent interest per year, calculated quarterly, you would have: \[20(1+\frac{ 0.2 }{ 4 })^{4}\]

Not the answer you are looking for?

Search for more explanations.

Ask your own question

Other answers:

As a quick approximation you can also use \[20e ^{0.2}\] You will see e on your calculator, it is a special constant called the Napier constant. It is defined a 2.7182818... Note that using 'e' is an approximation, not the actual answer. 'e' is derived from taking the same formula and setting 'NumberOfCalc' to infinity. You can therefore probably guess that as 'NumberOfCalc' increases, e becomes a closer approximation.
thank you, this helps!!
No problem =)
One thing i forgot to mention in the above is that 'P' is the amount that you start with, before adding interest.

Not the answer you are looking for?

Search for more explanations.

Ask your own question