90000 in bank at 8.50 for 12 months whta intrest

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Guest

I have 90000 dollars in the bank at 8.50 for 12 months compounding intrest
how mutch do i get at end of year. thanks if you can help.
 
It depends how the compounding is done, and how the interest is quoted.
{under some regulations, the rate quoted will be the annual percentage rate,
rather than the nominal rate, so it might be as simple as =90000*(1+8.5%).
If the interest per month is 8.5% divided by 12, and the interest is
compounded monthly, you'd end up with =90000*(1+8.5%/12)^12
 
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