Do you want to avoid the challenges of editing Deposit Agreement on the web? You don’t have to worry about downloading untrustworthy solutions or compromising your paperwork ever again. With DocHub, you can finish table in Deposit Agreement without spending hours on it. And that’s not all; our easy-to-use platform also gives you robust data collection tools for gathering signatures, information, and payments through fillable forms. You can build teams using our collaboration capabilities and effectively interact with multiple people on documents. Additionally, DocHub keeps your data secure and in compliance with industry-leading protection requirements.
DocHub enables you to use its tools regardless of your device. You can use it from your laptop, mobile phone, or tablet and edit Deposit Agreement easily. Begin working smarter today with DocHub!
Suppose you invest $5,000 in an account with an annual interest rate of 6% compounded monthly. So if the annual rate is 6%, if we divide 6% by 12, we get the monthly interest rate of 0.5% each month. At the end of each month, you deposit $175 into the account. Use this information to complete the table below. Round to the nearest cent as needed. So you opened the account with $5,000. So well call $5,000 the ending balance for month zero or when you opened the account. This becomes the prior balance for the first month. And then during the first month, you earn 0.5% of interest on the $5,000. So we need to find 0.5% of 5,000. To find the percent of a number, we convert the percent to a decimal and multiply. O.5% as a decimal is 0.005, and then we have times 5,000, which is equal to 25. You earned $25 of interest in the first month. Then you make the deposit of $175, and therefore, the ending balance for month one is 5,000 plus 25 plus 175, which is $5,200. This becomes the prior balanc
