SOLUTION: I have 1000 dollars in my saving account and the interest is 6.5% daily and it needs to stay in the account for 1year. How much interest will I have earned after one month, three m

Algebra ->  Rational-functions -> SOLUTION: I have 1000 dollars in my saving account and the interest is 6.5% daily and it needs to stay in the account for 1year. How much interest will I have earned after one month, three m      Log On


   

Question 586251: I have 1000 dollars in my saving account and the interest is 6.5% daily and it needs to stay in the account for 1year. How much interest will I have earned after one month, three months, and 6 month, and after a 1 year? and how will it be determined. This is being done as an rational expression and equation using adding and substraction. Please help
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
I have 1000 dollars in my saving account and the interest is 6.5% daily and it needs to stay in the account for 1year. How much interest will I have earned after one month, three months, and 6 month, and after a 1 year? and how will it be determined. This is being done as an rational expression and equation using adding and substraction. Please help
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Is it gaining interest at a simple interest or a compound interest rate.
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Also: 6.5^ DAILY is a highly unrealistic interest rate.
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Cheers,
Stan H.